Date: August 31, 2023. — Hyundai Motor Group has announced its plans to acquire a 5% stake in Korea Zinc for $397.74 million. Korea Zinc is a producer of refined zinc and has the necessary expertise and infrastructure to support Hyundai’s growing demand for EV batteries. The strategic investment aims to strengthen Hyundai’s supply for its EV batteries.
The automotive industry is undergoing a significant transformation, with a rapid shift towards electric mobility. Moreover, as the demand for EVs continues to rise, automakers are facing challenges in securing a consistent supply of batteries. It is also a critical component for electric vehicles. To address this issue, Hyundai Motor Group is taking proactive steps to secure a stable supply chain.
Hyundai Motor Co. continues to make significant investments in the electric vehicle (EV) industry as part of its long-term strategy. In May, the company announced a 2 trillion won investment to build a specialized EV factory in Ulsan, South Korea. This investment is part of Hyundai Motor Group’s commitment to invest a total of 24 trillion won in South Korea’s EV industry by 2030. Additionally, Hyundai Motor Group recently completed a $5 billion joint venture with its North American partner, SK. The purpose of this venture is to establish a battery manufacturing facility in Georgia.