February 4, 2023

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Hyundai to launch pilot EV battery leasing business | Automotive Industry News

Hyundai Motor has explained it has agreed to start a pilot battery leasing enterprise qualified at fleets of electric powered taxis, with the collaboration of the South Korean authorities and primary nearby firms.

The memorandum of knowledge (MOU) was signed this week with the Ministry of Trade, Business and Power, the automaker’s logistics affiliate Hyundai Glovis, primary EV battery manufacturer LG Power Answer and nearby taxi firm KST Mobility, with the intention of developing a rental enterprise for electric powered taxi batteries and also for the sustainable reuse of these batteries in energy storage techniques (ESS).

With this job, Hyundai is searching to produce an EV battery ecosystem which would lower the original price load of EV buys, as properly as producing new companies that enable the reuse of the batteries.

Under the settlement KST will offer the possession of the batteries in its newly purchased EVs to Hyundai Glovis, which will then lease them back again to KST. This will lower the original EV buy price, with KST paying a monthly rental when the motor vehicles commence producing money.

Right after comprehensive utilization, the batteries will be swapped and the old types applied in ESS to electric power quickly-charging stations for the taxi fleet. To save prices the ESS batteries can be charged at off-peak times this kind of as in the middle of the night when electric power rates are cheapest.

Under the settlement Hyundai will take care of the all round enterprise, offer EVs to KST and also supply warranties for the batteries. An original 20 Kona EVswill be equipped for the job.

Hyundai Glovis will function the battery rental support and get better batteries immediately after their original use. The corporation lately obtained a patent for container technologies that will allow for the economical transport of significant numbers of applied batteries.

LG Power Answer will keep track of the battery security and repurchase the batteries immediately after their very first use. It will offer them to KST Mobility and install them in ESS-driven quickly-charging stations. Facts generated from EV and battery utilization will be shared with all events.