Kim Heung-soo, left, the head of Hyundai Motor's Global Strategy Office, and Korea Zinc President Park Ki-deok take a photo after signing a deal Wednesday. [HYUNDAI MOTOR] Hyundai Motor Group will buy 5 percent of Korea Zinc for 530 billion won ($400 million) to stabilize its supply of nickel, the key material in making EV batteries, as part of the Korean automaker's efforts to counter the Inflation Reduction Act (IRA). HMG Global, Hyundai Motor's U.S. subsidiary formed in 2022, said Wednesday it will acquire 5 percent of Korea Zinc, a Seoul-based battery material company, for 527.

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