On Wednesday, Hyundai Motor Group announced plans to purchase a 5% stake in Korea Zinc for 530 billion won (US$400 million). This move is part of the group’s efforts to ensure a steady supply of nickel for its electric vehicles (EVs).
The investment was made through HMG Global LLC, a business entity established last year by Hyundai Motor Co., Kia Corp. and Hyundai Mobis Co. This is part of the group’s shift towards electrification.
Korea Zinc is the largest nonferrous metal processing company in the country and is looking to expand into the secondary battery material business. Hyundai Motor Group is also exploring business opportunities with global secondary battery material companies for the supply of nickel, lithium and other key EV materials.
kyongae.choi@yna.co.kr
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