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Hyundai to Invest $400 Million for Stake in an EV Metal Company
Raw materials for battery manufacturing at the Korea Zinc Co. booth at the InterBattery exhibition in Seoul, South Korea, on March 16.
Photographer: Jean Chung/BloombergThis article is for subscribers only.
Hyundai Motor Group will buy a 5% stake in Korea Zinc Co., the world’s largest smelter for non-ferrous metals, as part of its effort to ensure access to key metals used in making electric-car batteries.
The group, which controls Hyundai, Kia and Genesis brands, signed a partnership Wednesday with the smelter to jointly develop a “nickel value chain” that procures, processes and recycles the metal needed for EV batteries, the Seoul-based automaker said in an emailed statement. Hyundai will spend 527.2 billion won ($398 million) to purchase shares of Korea Zinc as part of the tie-up, it said.