This file photo taken Oct. 24, 2022, shows Hyundai Motor Co.’s and affiliate Kia Corp.’s headquarters in Yangjae, southern Seoul. (Yonhap)
SEOUL, Aug. 30 (Korea Bizwire) — Hyundai Motor Group said Wednesday it will buy a 5 percent stake in Korea Zinc for 530 billion won (US$400 million) in the latest move to secure a stable supply of nickel for its electric vehicles (EVs).
The move by HMG Global LLC — a business entity set up last year by the group’s three major affiliates, Hyundai Motor Co., Kia Corp. and Hyundai Mobis Co. — comes amid accelerating electrification.
Korea Zinc, the country’s biggest nonferrous metal processing company by sales, is expanding its business portfolios into the secondary battery material business.
Hyundai Motor Group said it is also exploring business opportunities with global secondary battery material companies for the supply of nickel, lithium and other key EV materials.
(Yonhap)
