Probably a bit of both if it's them, seeing Hyundai own Kia.
Other possibilities:
Samsung make 5% of EV batteries and are Korea's largest manufacturer.
SK - also 5%.
LG make 21% of EV batteries.
It wouldn't surprise me if POSCO are looking for ore supply seeing they aim to be in the Top 3 lithium production companies by 2030: https://www.greencarcongress.com/2022/04/20220424-posco.html
It makes much more geographical sense partnering with Korean companies than Tesla for example. I am certain they will be offering better terms too.
As an aside, I am thinking of buying one of these. I've heard they are awesome to drive and remind me of the iconic Lancia Delta:
Taking a test drive in a few weeks
Banter and general comments, page-16661
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