This photo taken on June 15, 2021, shows electric vehicles at a charging station in Jeju Island. (Yonhap)
JEJU, April 18 (Korea Bizwire) — South Korea’s southern resort island of Jeju is on track to allow the sales of battery packs in used electric vehicles (EVs).
On Friday, the Jeju Special Self-Governing Provincial Government issued an advance notice on a partial revision of the “EV battery return and processing ordinance.”
Under the revision, the provision requiring the “scrapping” of used EV batteries will be changed to allow them to be sold, while the provincial committee will start deliberating the provision on battery reuse, recycling and sales.
The number of EVs on Jeju Island is expected to reach 30,000 units by the end of this year.
However, since all of the used battery packs are stored at the EV Battery Industrialization Center in the island, its storage capacity (250 units) is now almost fully utilized, reaching a saturation point.
Against this backdrop, the provincial government plans to enable the used battery packs with a state-of-health (SOH) value of more than 60 percent among those stored at the center to be used publicly or sold to private entities.
When it comes to battery packs from Hyundai Motor Co.’s Ioniq Electric (with a capacity of 28 kilowatt-hour) that have been used for 10 years with an SOH value of 60 percent, the provincial government estimated that the per-pack market price would stand at about 204,000 won (US$165).
M. H. Lee (mhlee@koreabizwire.com)
