Hyundai Motor Co. and Kia Corp. are collaborating with universities in South Korea to acquire resources for making electric vehicle components, according to a report in The Korea Economic Daily.
Hyundai Motor and Kia have launched the Hyundai Motor Group Magnetic Material Joint Research Laboratory at Yonsei University to develop technology for permanent magnets essential in electric vehicles. The laboratory focuses on finding alternatives and recycling methods for rare earth elements, which are crucial but environmentally damaging used in neodymium magnets contained in EV motors.
Hyundai Motor and Kia have established a joint research laboratory in partnership with seven universities and Hyundai NGV (a Korean industry-academia cooperation institute) to develop alternatives to rare earth magnetic materials and enhance recycling methods. Their three-year collaborative effort will focus on researching non-rare earth materials, recycling rare earth elements from motors, and improving magnetic property evaluation.