Hyundai Motor Group Invests $397M in Korea Zinc to Secure EV Battery Supply
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Hyundai Motor Group, one of the world’s leading automakers, is investing 527.2 billion won ($397.74 million) to acquire a 5% stake in Korea Zinc, a leading producer of nickel, a key material used in electric vehicle batteries. The investment is part of Hyundai Motor Group’s plan to become a leader in the global electric vehicle market.
The investment will help Hyundai Motor Group to secure a stable supply of nickel, which is a critical material for electric vehicle batteries. Nickel is used in the cathode of lithium-ion batteries, which is the part of the battery that stores the energy.
Hyundai Motor Group is also investing heavily in the development of electric vehicles. The company has announced plans to invest $24 trillion won ($1.9 billion) in South Korea’s EV industry through 2030. This includes the construction of a new electric vehicle factory in Ulsan, South Korea – 2 trillion won ($1.51 billion), and a joint venture with SK On to build a battery manufacturing plant in Georgia – $5 billion.
The investment in Korea Zinc is a sign of Hyundai Motor Group’s commitment to the electric vehicle market. The company is one of the leading automakers in the world, and this investment will help it to maintain its position as a leader in the transition to electric vehicles.
- The investment in Korea Zinc is the latest in a series of investments by Hyundai Motor Group in the electric vehicle market.
- The company has also invested in battery technology companies, such as LG Energy Solution and SK On.
- Hyundai Motor Group is targeting to sell 1 million electric vehicles by 2025.
- The company is also planning to launch a new electric vehicle brand called Ioniq.