Visit Hyundai in your country/region
Page sharing
Added to
Media Cart

Business Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business

  • DOCX / 61 KB Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business
    Added to
    Media Cart
  • JPG / 2.1 MB Hyundai Motor Group signed an MOU with Korea Zinc on nickel value chain for EV business
    Added to
    Media Cart
  • JPG / 1.9 MB Hyundai Motor Group signed an MOU with Korea Zinc on nickel value chain for EV business
    Added to
    Media Cart
Empty cart?

KONA Hyundai’s upscaled all-new KONA arrives with roomier smart space and high-tech convenience features

KONA Hyundai’s upscaled all-new KONA arrives with roomier smart space and high-tech convenience features

  • MP4 3.5MB All-new KONA ICE/HEV
    Download
    Downloading
  • PDF 30.5KB News releases
    Download
    Downloading

Business Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business

Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business
Added to
Media Cart

Business Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business

Hyundai Motor Group signed an MOU with Korea Zinc on nickel value chain for EV business
Added to
Media Cart

Business Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business

Hyundai Motor Group signed an MOU with Korea Zinc on nickel value chain for EV business
Added to
Media Cart
Next
Prev
이전 페이지

Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business

URL copied to clipboard

Share via email We do not collect email addresses.

Business 202308300000
Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business

2.6 minutes read
Added to
Media Cart
Copied to
clipboard

    Two companies to collaborate on sourcing and processing of nickel, securing intermediate materials, and exploring new business opportunities, including recycling business

    The Group aims to become the global leader in electrification and plans to establish a stable supply of key raw materials for EV batteries

    The partnership to help the Group acquire 50% of the nickel needed to produce EV batteries that meets the Inflation Reduction Act (IRA) requirements by 2031

    The Group actively pursuing other global partnerships to secure key EV battery raw materials such as lithium

JPG 2.1 MB
Added to
Media Cart
Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business
Hyundai Motor Group (the Group) announced today the signing of an MOU with Korea Zinc
1 photos Total 2.1 MB
Added to
Media Cart

SEOUL, August 30, 2023 – Hyundai Motor Group (the Group) announced today the signing of an MOU with Korea Zinc. The Group will cooperate with Korea Zinc, Korea's leading non-ferrous metal smelting company, in a comprehensive collaboration across the nickel value chain.


The MOU signing ceremony was participated by Heung-soo Kim, Executive Vice President and Head of Global Strategy Office, Hyundai Motor Group and Ki Duk Park, President and Co-CEO of Korea Zinc.


The partnership includes joint sourcing of nickel raw material, processing of nickel raw material, and ensuring a stable supply of processed nickel and battery materials, and exploring new businesses, including battery recycling.


The two partners plan to work towards establishing a stable nickel supply chain, a critical raw material for EV batteries. Also, both plans to jointly purchase nickel raw materials and invest in mine development projects to source raw materials that meet IRA requirements.


In April, the Group unveiled its plan to achieve global EV leadership by producing 3.64 million EVs, positioning itself among the top three global EV manufacturers by 2030.


To support this aim, the Group is prioritizing procurement of key raw materials such as nickel and lithium. The Group is actively seeking collaborations with various global partners specializing in the procurement and processing of raw materials and the manufacturing of battery materials.


The Future of Battery Production

Leveraging its expertise in smelting non-ferrous metals like zinc and silver, Korea Zinc established a subsidiary for nickel sulfate production for EV batteries in 2017. The company is focusing on expanding its presence in the EV battery business with a focus on nickel. The expansion includes establishing a subsidiary to produce precursor for EV batteries and plans to build this year a nickel smelter in the Industrial Complex in Ulsan.


Nickel supply from the partnership is planned to commence in 2026. In 2031, the Group intends to source 50 percent of the nickel needed to produce EV batteries that meet the IRA requirements from the partnership with Korea Zinc.


The nickel supply is also expected to contribute to the Group securing stable EV battery raw materials that meet other regional EV-related regulations, the European Union's Critical Raw Material Act (CRMA), as well as other ESG requirements.


As part of the collaboration, HMG Global, an overseas joint venture established collaboratively by Hyundai Motor, Kia, and Hyundai Mobis, plans to acquire a 5 percent stake in Korea Zinc.


The share price is approximately KRW 504,333 per share, with a total transaction value of about KRW 527.2 billion. The stock acquisition and payment related to equity investment are scheduled for September 12th, and the transfer of shares will be restricted until one year after the purchase.


Furthermore, Hyundai Motor Group secured the right to suggest one non-executive director. Along with the share acquisition, the move aims to strengthen strategic ties between two parties and bolster cooperation on EV business value chain.



Nickel in Batteries1

  • The major advantage of using nickel in batteries is that it helps deliver higher energy density and greater storage capacity at a lower cost. Further advances in nickel-containing battery technology mean it is set for an increasing role in energy storage systems, helping make the cost of each kWh of battery storage more competitive. It is making energy production from intermittent renewable energy sources such as wind and solar replace fossil fuels more viable.


    source: nickelinstitute.org

ADAS

ADAS stands for the Advanced Driver Assistance System. It helps secure visibility when driving and parking by detecting the vehicle's external environment and driver's condition, and controls the vehicle with screen display, guide, and warning. ADAS stands for the Advanced Driver Assistance System. It helps secure visibility when driving and parking by detecting the vehicle's external environment and driver's condition, and controls the vehicle with screen display, guide, and warning.
David Park

Global PR Team · Hyundai Motor Company

Get media kit
Prev topic Hyundai at a glance
Back to the list Business
Next topic Corporate information

Continue reading

notice close