Hyundai Motor Group to acquire 5% stake in Korea Zinc for stable EV battery supply

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electric vehicle batteries, the company said in an official statement. Earlier in May this year, Hyundai Motor Co announced to investment of around 2 trillion won ($1.51 billion) in Ulsan, South Korea to build a designated electric vehicle (EV) factory.

A report published by Reuters stated that the investment is part of a previously announced plan by Hyundai Motor Group, which includes Hyundai Motor, Kia Corp, and Hyundai Mobis Co Ltd, to invest 24 trillion won in South Korea's EV industry through 2030. Prior to this, the company had also finalized a $5 billion joint venture with partner SK in North America to set up a new battery manufacturing plant in the state of Georgia.

As part of the partnership, both South Korean firms will have an equal shareholding in the plant, to be constructed in Bartow County, Georgia. It’s expected the facility will produce EV battery cells starting in the second half of 2025.

The new plant should have an annual production capacity of 35 GWh of EV battery cells, enough to produce 300,000 all-electric vehicles. The joint venture “further accelerates the group’s electrification efforts and bolsters its position as an EV leader in the US market with a stable battery supply," Hyundai said in a statement.

The carmaker signed a memorandum of understanding with SK On to secure battery supply for North America last November. (With Reuters inputs)