SEOUL, Sept. 7 (Korea Bizwire) — POSCO International Corp., a South Korean general trading company, said Monday that together with local auto part maker Erae Automotive Systems Co. it had received an order to supply electronic vehicle (EV) components to a North American EV startup.
The company will supply about 145 billion won (US$125 million) worth of half shafts for about 340,000 vehicles.
Including the first order volume for about 20,000 EVs that it won from the North American startup in August 2020, POSCO International will supply half shafts for a total of 360,000 EVs by the end of next year after detailed adjustments and tests.
A half shaft is a core component that acts as a driving shaft in a battery electric vehicle (BEV). The driving shaft has the function of transmitting the power of the driving motor to both wheels through the transmission.
Erae Automotive is a specialist in the production of auto parts related to driving, braking and steering and has been supplying its parts not only to domestic carmakers but also to major automakers in the U.S. and Germany.
POSCO International is accelerating efforts to gain a larger share in the future auto parts market by expanding its business related to driving motor cores, a core component for eco-friendly vehicles, and magnets and reducers, key components for EVs.
M. H. Lee (firstname.lastname@example.org)