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

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  • Hyundai Motor Group signed an MOU with Korea Zinc on nickel value chain for EV business
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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
Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business

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

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
Hyundai Motor Group signed an MOU with Korea Zinc on nickel value chain for EV business
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Hyundai Motor Group Partners with Korea Zinc on Value Chain for EV Business

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  • 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

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

David Park

Global PR Team · Hyundai Motor Company

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About Hyundai Motor Company

Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision ‘Progress for Humanity,’ Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Advanced Air Mobility (AAM) to bring about revolutionary mobility solutions, while pursuing open innovation to introduce future mobility services. In pursuit of sustainable future for the world, Hyundai will continue its efforts to introduce zero emission vehicles equipped with industry-leading hydrogen fuel cell and EV technologies.


More information about Hyundai Motor and its products can be found at:

https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai


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