This photo provided by POSCO Mobility Solution shows a hydrogen vehicle model put on display at its headquarters in Cheonan, South Chungcheong Province, about 86 kilometers south of Seoul, on June 8, 2023.
SEOUL, June 8 (Korea Bizwire) — POSCO International Corp. said Thursday it has clinched an additional contract with Hyundai Motor Co. to supply 2.5 million units of a key auto component for electric vehicles (EVs), raising the total orders from Hyundai to 6.85 million.
POSCO Mobility Solution, a subsidiary of POSCO International, will supply the driving motor cores for the automaker from 2025 to 2034, the company said.
Driving motor core is a key component that generates electricity in EVs and its quality determines the vehicle performance.
The latest deal came after two previous supply agreements POSCO International signed with Hyundai in November last year and January this year, under which POSCO will supply 3.4 million and 950,000 motor cores for Hyundai hybrid SUVs and semi-midsize electric SUVs, respectively.
That puts the total supply orders from Hyundai at 6.85 million.
POSCO International, the trading arm of steel giant POSCO Holdings, plans to establish a solid global foothold with at least 10 percent market share by increasing production capacity to over 7 million by 2030, from 1.2 million units in 2021.
Aside from the two domestic manufacturing facilities, it is building what will be its first North American plant in Mexico. Once operational, the plant aims to produce 650,000 units a year and 1.5 million units annually by 2030.
POSCO International said earlier it has already bagged a combined US$460 million worth of long-term motor core supply contracts with major global automakers.
POSCO International has been ramping up the push for environmentally friendly sectors, such as electric and hydrogen vehicles, amid an industrywide shift to electrification and other green businesses.
(Yonhap)
