Hyundai to buy 5% stake in world’s largest zinc smelter: South Korea’s giant automaker Hyundai Motor Group will buy a 5% stake — worth KRW 527.2 bn (USD 398 mn) — in Korea Zinc to ensure access to key metals used in making EV batteries, Bloomberg reported last week. The group also signed an agreement with Korea Zinc to jointly procure, process, and recycle zinc, with a target to purchase 50% of the metal through the partnership by 2031 to meet Hyundai’s EV battery demand. This comes under efforts to meet regulations set by the US’ Inflation Reduction Act incentivising automakers to produce EV components outside of China. Hyundai plans to be one of the world’s top three EV makers by the end of the decade by producing 3.64 mn vehicles annually.

REMEMBER- KSA has signed an MoU with Hyundai for the construction of an electric vehicle and internal combustion engine manufacturing plant in Saudi Arabia. Hyundai is investing USD 2.45 bn over 10 years in expanding its electric vehicle production in Tamil Nadu, India, and has announced plans to equip its future vehicles with LFP batteries.

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