Hyundai Motor Group partners with Korea Zinc on Value Chain for EV business

Hyundai Motor Group (the Group) announced today the signing of an MOU with Korea Zinc. The Group will cooperate with Korea Zinc, Korea's leading non-ferrous metal smelting company, in a comprehensive collaboration across the nickel value chain. The MOU signing ceremony was participated by Heung-soo Kim, Executive Vice President and Head of Global Strategy Office, Hyundai Motor Group and Ki Duk Park, President and Co-CEO of Korea Zinc. The partnership includes joint sourcing of nickel raw material, processing of nickel raw material, and ensuring a stable supply of processed nickel and battery materials, and exploring new businesses, including battery recycling. The two partners plan to work towards establishing a stable nickel supply chain, a critical raw material for EV batteries. Also, both plans to jointly purchase nickel raw materials and invest in mine development projects to source raw materials that meet IRA requirements. In April, the Group unveiled its plan to achieve global EV leadership by producing 3.64 million EVs, positioning itself among the top three global EV manufacturers by 2030. To support this aim, the Group is prioritizing procurement of key raw materials such as nickel and lithium. The Group is actively seeking collaborations with various global partners specializing