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Hyundai Motor Co., Ltd. (OTC:HYMTF) (OTC:HYMLF) inked a memorandum of understanding with Korea Zinc, aiming for a comprehensive collaboration across the nickel value chain in making electric car batteries.
As part of the collaboration, HMG Global, an overseas joint venture established collaboratively by Hyundai Motor, Kia Motors Corp. (OTC:KIMTF), and Hyundai Mobis, plans to acquire a 5% stake in Korea Zinc for KRW527.2 billion (~$399 million).
The companies plan to work towards establishing a stable nickel supply chain, a critical raw material for EV batteries.
Also Read: Hyundai & Kia Recall Over 91,000 Vehicles In US: Report
The companies also plan to jointly purchase nickel raw materials and invest in mine development projects to source raw materials that meet IRA requirements.
Nickel supply from the partnership will commence in 2026.
In 2031, the Group intends to source 50% of the nickel needed to produce EV batteries from the partnership with Korea Zinc.
Hyundai Motor is also pursuing other global partnerships to secure key EV battery raw materials such as lithium.
Price Action: HYMTF shares closed 0.79% higher to $38.30 on Tuesday.
