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.
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