Electrifying Move: Hyundai JV Invests ~$400M For 5% Stake In Korea Zinc, Bolstering EV Battery Raw Material Supply
Portfolio Pulse from Nabaparna Bhattacharya
Hyundai Motor Co., Ltd. (OTC:HYMTF) (OTC:HYMLF) and Kia Motors Corp. (OTC:KIMTF) have signed a memorandum of understanding with Korea Zinc to collaborate on the nickel value chain for electric vehicle (EV) batteries. Their joint venture, HMG Global, plans to acquire a 5% stake in Korea Zinc for approximately $399 million. The partnership aims to establish a stable nickel supply chain, with supply commencing in 2026. By 2031, the group plans to source 50% of the nickel needed for EV batteries from this partnership.
August 30, 2023 | 1:29 pm
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Hyundai's partnership with Korea Zinc and planned stake acquisition could secure a stable nickel supply for EV batteries, potentially strengthening its position in the EV market.
The partnership and stake acquisition could secure a stable nickel supply for Hyundai's EV batteries, which is crucial for its EV production. This could potentially strengthen Hyundai's position in the EV market and positively impact its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Kia's involvement in the partnership with Korea Zinc and planned stake acquisition could secure a stable nickel supply for EV batteries, potentially strengthening its position in the EV market.
The partnership and stake acquisition could secure a stable nickel supply for Kia's EV batteries, which is crucial for its EV production. This could potentially strengthen Kia's position in the EV market and positively impact its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100