GovernmentHyundai MotorLG Energy, MOU for electric taxi battery rental demonstration business



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▲ On the 18th, Hyundai Motor Company signed a trade agreement (MOU) with the Ministry of Commerce, Industry and Energy, Hyundai Glovis, LG Energy Solutions and KST Mobility at Hyundai Motor Company and Kia R&D Center in Hwaseong-si, Gyeonggi -Do for the rental of electric taxi batteries and the use of batteries after use.

Hyundai Motor Company will cooperate with the government and the logistics, battery and mobility industries to demonstrate the electric vehicle (EV) battery rental (leasing) business.

On the 18th, Hyundai Motor Company signed a commercial agreement (MOU) with the Ministry of Commerce, Industry and Energy, Hyundai Glovis, LG Energy Solutions and KST Mobility for the rental of electric taxi batteries and the use of ‘used batteries’ in the Hyundai Motor and Kia R&D Center in Hwaseong, Gyeonggi-do on the 18th.

The signing ceremony for the memorandum of understanding was attended by Prime Minister Jeong Sye-gyun, Industry Minister Sung Yun-mo and Hyundai Motor Group President Eui-sun Eui.

Through the MOU, a taxi platform operator purchases an electric vehicle and immediately sells ownership of the battery to a leasing operator, paying the battery lease on a monthly basis for the duration of the electric vehicle’s retention period.

As the price of the battery usually represents about half the price of an electric vehicle, the operator buys an electric taxi at half the price.

It also demonstrates a business model in which the battery installed in the electric taxi is replaced by a new battery and the used battery is converted into an energy storage system (ESS) and used for fast charging of electric vehicles.

You can save money by charging the ESS during night hours, when electricity costs are cheap, and by charging your electric vehicle with the ESS during the day, when electricity costs are expensive.

Hyundai Motor Company will sell 20 Kona electric vehicles to KST Mobility, a taxi platform operator, next month, and Hyundai Glovis will be in charge of the battery rental and return of used batteries.



LG Energy Solutions buys the used battery, develops it as an ESS charger and sells it to KST Mobility. KST Mobility uses an ESS fast charger to charge taxis.

When the electric vehicle battery rental service is marketed, electric vehicles can be purchased at a price that does not include battery costs, and there is also the possibility that the spread of electric vehicles will gain momentum.

The government is supporting the market launch of battery-powered products after use through a regulatory litter box. In the future, it is planned to establish an institutional basis for battery reuse, including safety verification standards.

Prime Minister Chung said, “It may be an opportunity for Korea to advance as a leader even amid rapid changes in the automobile industry,” and said, “The government and companies should strengthen their capacities and adapt to changes through of solidarity and cooperation “.

After the memorandum of understanding signing ceremony, Prime Minister Chung visited exhibits such as electric vehicle platforms and electric vehicle parts. Also, at the test drive site, I tested the Ioniq 5, which was first applied to Hyundai Motors’ exclusive electric vehicle platform (E-GMP).

A Hyundai Motors official explained: “This is a case where government and industry joined forces to supply electric vehicles and expand the reuse of batteries after use,” and said: “No subsidies for electric vehicles in the future. , we will be able to reduce the price gap with internal combustion vehicles.

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