Chinese battery maker CATL has confirmed that it will supply its lithium iron phosphate (LFP) and nickel, cobalt and manganese (NCM) batteries to Korean carmaking giant Hyundai Motor Group as part of its efforts to increase its presence in the global electric vehicle (EV) battery market.
"We will supply Hyundai with both LFP and NCM batteries, in both of which, we have cutting-edge technological strengths as well as long development and application experience," an unnamed CATL official confirmed to The Korea Times, Monday. "The specific type of battery to be supplied shall be determined by the needs of our customers and the market."
CATL is known to have established its regional office in Seoul recently, which is its fifth overseas branch after ones in Japan, Germany, the United States and France. Its opening illustrates that the company's battery products have a competitive edge compared to other battery makers in terms of price and product quality.
Though the company representative didn't go into more detail about the plans for its cooperation with Hyundai, its plan to supply batteries to the Korean carmaker can be understood as involving CATL as a battery supplier for the E-GMP, the automotive group's first platform dedicated to battery-powered vehicles.
For Hyundai Motor Group, the diversification of battery suppliers is consistent with the group's goal of becoming a top-tier EV maker, helping the company reduce the price of its batteries, which accounts for the...
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