Hyundai Motor Company recently signed a memorandum of understanding (MOU) to work with the South Korean government as well as logistics, battery and mobility companies to demonstrate the electric vehicle (EV) battery leasing business. Through this agreement, Hyundai aims to foster an EV ecosystem by alleviating the initial cost burden of EV purchases and by providing innovative services that enable eco-friendly reuse of batteries. Hyundai Motor signed the MOU with South Korea‚Äôs Ministry of Trade, Industry and Energy as well as Hyundai Glovis, LG Energy Solution and KST Mobility for the rental of electric taxi batteries and the sustainable reuse of EV batteries in energy storage systems (ESS). Under the agreement, KST Mobility, the taxi operator, will sell the ownership of batteries in newly purchased EVs to Hyundai Glovis, the battery lessor. KST Mobility then pays a monthly fee for battery usage. As a result, KST Mobility is able […]