Hyundai Motor Company and South Korea's largest electric vehicle battery (EV) manufacturer LG Energy Solution (LGES) have agreed to collaborate in building a local battery swapping network, according to local reports.

The two companies would initially establish a collaborative council with the support of the government and local industry associations Korea Automobile & Mobility Association (KAMA) and the Korea Battery Industry Association (KBIA), with other local battery producers including SK On and Samsung SDI also considering joining.

The council would hold its first meeting next week in Seoul to discuss key issues, including EV battery performance and carbon emissions, with a view to establishing a Batteries as a Service (BaaS) network which would allow BEV owners to subscribe to a battery exchange programme allowing them to quickly exchange depleted batteries for fully charged ones.

BaaS would help reduce the initial price of BEVs in which batteries account for up to 40% of the vehicle cost.

Hyundai was said to be already developing BEVs with batteries which can be safely swapped which it expected would help boost sales.

Battery swapping networks have already been established in China, by BEV makers such as Nio.