On September 26, South Korea's Hyundai Motor Group announced that Hyundai Motor and Kia Motors have launched a technology development project for the production of lithium iron phosphate (LFP) battery cathode materials.

Hyundai Motor Group said in a press release that the LFP battery cathode material development project is being promoted by Hyundai Motor and Kia Motors in cooperation with Hyundai Steel and EcoPro BM, a leading company in the cathode material market, with the aim of directly synthesizing the material to produce LFP battery cathode materials without manufacturing precursors. The four-year project has already received support from the Korean Ministry of Trade, Industry and Energy.