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Battery Subscription Services Will Revolutionize Electric Vehicles

Modern group, an automotive giant from South Korea, is set to introduce an innovative battery subscription service for electric vehicles (EVs) next year. According to recent reports, the company plans to sell vehicles without batteries, with the cost of batteries accounting for 30% À 40% of the total EV price. This move aims to allow consumers to purchase new electric cars at half the current price after subsidies.

In Canada, Stellantis, a major automotive manufacturer, and LG Energy Solution will benefit from a substantial battery subsidy increase. The Canadian federal government and the province of Ontario have committed a subsidy of 5 billion CAD (approximately 3.7 billion USD). This support will enable Stellantis and LG Energy Solution to resume constructing an electric vehicle battery plant in Windsor, Ontario. This investment aims to create over 2,500 new job opportunities and achieve an annual production capacity of over 45 GWh by 2024.

Stellantis also unveiled its latest offering, the STLA Medium vehicle platform, a global pure electric car platform with a remarkable 700 kilometers of range, enhanced energy efficiency, and faster charging times. This platform’s flexibility allows it to accommodate various passenger cars, crossovers, et VUS models across multiple brands within the Stellantis group. The company plans to deploy the STLA Medium platform in multiple factories worldwide, targeting a combined annual production of two million vehicles.

Joining the lithium mining frenzy in Latin America, Chinese electric vehicle giant BYD is negotiating a new lithium extraction technology with the Chilean government and SQM. De plus, BYD is undertaking a small independent project in Brazil.

En outre, various companies in South Korea are making substantial investments in battery and hydrogen technologies. Posco Group, one of South Korea’s leading steelmakers, plans to invest 121 trillion KRW (approximately 92 billion USD) in battery and hydrogen energy sectors by 2030. This investment is expected to create approximately 330,000 new jobs annually.

In line with these developments, materials and components manufacturers are also stepping up their contributions to the EV industry. For instance, Lotte Chemical plans to invest 30 trillion KRW (approximately 23 billion USD) to increase the production of copper foils for electric vehicle batteries.

In conclusion, le electric vehicle industry is experiencing a transformative phase with innovations like battery subscription services and significant investments in battery and charging technologies. These developments are driving the global shift towards a sustainable and cleaner automotive future. Electric vehicles are revolutionizing the market, offering greater accessibility and eco-friendliness, while companies worldwide strive to meet the growing demand for electric mobility.

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