Hyundai Motor Group, a prominent global automaker, is dedicating 527.2 billion won ($397.74 million) to acquire a 5% ownership in Korea Zinc, a prominent nickel producer essential for electric vehicle (EV) batteries. This strategic move aligns with Hyundai Motor Group’s ambition to lead the worldwide EV market.
This investment serves to secure a steady nickel supply, a vital component in EV batteries, particularly in the cathodes of lithium-ion batteries, responsible for energy storage.
Hyundai Motor Group’s investment drive extends to EV development. A considerable investment of 24 trillion won ($1.9 billion) has been earmarked for South Korea’s EV sector by 2030. This encompasses erecting a new EV facility in Ulsan, South Korea, valued at 2 trillion won ($1.51 billion), and a collaboration with SK On for a $5 billion battery plant in Georgia.
The venture with Korea Zinc underscores Hyundai Motor Group’s firm commitment to the EV market. Being a prominent player in the global automotive sector, this investment reinforces its leadership role in the EV transition.
This participation in Korea Zinc is just the latest in Hyundai Motor Group’s series of forays into the EV realm. The company has previously invested in battery technology firms like LG Energy Solution and SK On. With an aim to sell 1 million EVs by 2025, the company is also set to introduce a new EV brand named Ioniq.
