Posco Int'l lands another EV deal with Hyundai Motor, Kia

Industry

Posco Int'l lands another EV deal with Hyundai Motor, Kia

Published: 18 Jan. 2024, 18:17

SHIN HA-NEE
shin.hanee@joongang.co.kr

Samples of Posco International's motor cores [POSCO INTERNATIONAL]

Hyundai Motor and Kia placed another major order for EV motor cores with Posco International, the parent company of auto parts subsidiary Posco Mobility Solution.

With the signing of the latest contract, Posco International will supply motor cores for 1.03 million units of electric sport utility vehicles (SUVs) from 2025 to 2034 directly to Hyundai Motor Group’s production facility in Europe, as the carmakers are set to begin manufacturing EVs in the region for the first time.

The deal’s value was not disclosed.

Through Hyundai Mobis’ plant in Slovakia, 550,000 units of the motor cores will be supplied to Hyundai and Kia’s production facility in Turkey with a further 450,000 going to their Slovakian operations.

The latest deal means 11.87 million motor cores have now been ordered by Hyundai Motor Group from both Posco International and Posco Mobility Solution.

Posco International expects the deal to speed up its plan to build a production plant in Brzeg, Poland as well.

In June, Posco International set up an investment entity for the construction of the plant, which will be built on a 100,000 square meter (1,076,400 square feet) site. The plan is to break ground in the first half of this year and complete construction by the first half of 2025.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]