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Posco International revealed on Thursday, June 8, it has secured a deal with Hyundai Motor for the supply of motor cores for electric vehicles. The company said that its auto parts subsidiary, Posco Mobility Solution, has inked an agreement with the automaker for the delivery of additional 2.5 million units of the said product.
The motor core, which consists of a stator and rotor, plays an important role in the generation of electricity within a motor. Posco Mobility Solution makes it with precision and best quality, so thus Hyundai Motor placed a new order for its line of flagship electric vehicles.
As per The Korea Herald, the vehicle manufacturer is aiming to produce EVs with Posco’s motor cores between the years 2025 and 2034. This is the companies’ third contract, with the first and second deals being signed in November 2022 and January this year, respectively.
The previous contracts involved an order of 3.4 million for Hyundai Motor’s hybrid sports utility vehicles and 950,000 motor cores for its mid-sized electric SUVs. With the third deal in place, the total number of orders has reached 6.85 million units that are expected to be delivered within almost 10 years - from 2025 to 2034.
"As Posco possesses the lithium procurement capability of Posco Holdings, the automotive steel production capacity of Posco, the cathode material production technology of Posco Future M, and the manufacturing technology of EVs from Posco International,” an official from Posco International stated. “This completes the blueprint for the eco-friendly mobility value chain."
Finally, Korea Joongang Daily reported that Posco International has a goal of attaining a global production capacity of more than seven million units of motor cores by the year 2030. Currently, its production facilities in South Korea have a combined capacity of just two million units, and these are located in Pohang and in Cheonan.
Photo by: POSCO Newsroom
