Hyundai Motor Group acquires 5% stake in Korea Zinc for $398 million

AK&M 27 September 2023 14:11

Hyundai Motor Group acquires a 5% stake in Korea Zinc Co., the world's largest producer of non-ferrous metals.  This is reported in the press release of Hyundai Motor.

The transaction value is 527.2 billion won ($398 million).

The partnership between Hyundai Motor and Korea Zinc is aimed at ensuring the supply and processing of nickel, which plays a key role in the production of batteries for electric vehicles.

Hyundai and Korea Zinc plan to jointly develop technologies and solutions to optimize the use of nickel and reduce the harmful effects of battery production on the environment.

As part of the partnership, Hyundai intends to sell 1 million electric vehicles by 2025 and reach 10% of the global electric vehicle market. 

Hyundai plans to enter into other strategic partnerships and increase investments in order to increase competitiveness in the electric vehicle manufacturing sector.

Hyundai Motor is a South Korean industrial conglomerate with assets in the automotive and construction industries. The company was created as part of the merger of the bankrupt Kia Motor with some subsidiaries of Hyundai Group for the production of automotive components and steel, as well as with construction divisions.

Korea Zinc Company, Ltd. is a non–ferrous metals manufacturing company headquartered in Seoul (South Korea). Korea Zinc is one of the largest companies producing refined zinc along with Nyrstar, Hindustan Zinc and Boliden. The annual production capacity of Korea Zinc is 650 thousand tons of zinc and 420 thousand tons of lead.