This photo taken on July 3, 2017, shows state power provider KEPCO’s charging station for electric vehicles in Seoul. (Yonhap)
SEOUL, Feb. 2 (Korea Bizwire) — POSCO International Corp. has announced plans to expand its automotive motor core business as part of efforts to cope with the growth in demand for eco-friendly vehicles.
The South Korean general trading company revealed on Monday that it formulated blueprints aimed at supplying 4 million units of automotive motor cores and increasing its global market share to 20 percent by 2025.
Motor cores are one of the key components of motors used for vehicles and industrial equipment. Thanks to the development of the electric car market, the demand for motor cores is expected to increase sharply.
POSCO International already received orders for 10 million units of motor cores worth about 2.5 trillion won from global carmakers, including Hyundai Motor Co. and Kia Corp. They are scheduled for delivery by 2025.
The competitiveness of POSCO International’s motor cores stems from its wholly owned subsidiary POSCO SPS (Steel Processing & Service).
With 46 years of experience in motor core production, it started supplying motor cores to Hyundai and Kia in 2009.
POSCO SPS recently developed the innovative EMFree (Embossing Free) technology, that minimizes electric losses and enhances fuel efficiency.
The company’s in-house Mold Technology Research Institute is the only facility of its type among South Korean motor core makers. POSCO SPS can provide a full range of services ranging from mold design to core production.
Kevin Lee (kevinlee@koreabizwire.com)
