Hyundai Motor Group partners with Korea Zinc on value chain for EV Business

Hyundai Motor Group (the Group) has announced 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.

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.

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