Hyundai Motor Group is considering a 100 billion won ($74.4 million) equity stake in Posco Future M’s Vietnam plant, under a letter of intent that also outlines a plan to seek priority purchasing rights for its synthetic graphite anodes.
Posco Future M said Tuesday that the companies signed the letter. Their proposed cooperation includes early product development and quality assessments for electric vehicle performance. The agreement describes Hyundai’s intention to seek purchasing rights; it does not say the rights have been secured.
The project is in Thai Nguyen Province. Posco Future M put the investment at about 357 billion won and expects the plant to start mass production in 2028.
The company said customer orders are in place for the first phase and it is pursuing a further phase to expand production. Synthetic graphite anodes can improve battery fast-charging performance and lifespan.
