POSCO INTERNATIONAL CORPORATION POSCO INTERNATIONAL,
the 'Magnate' of the Eco-friendly Mobility Parts Market
- Recently won a 300 billion KRW contract for decelerator to a major North American automaker
- Preoccupied global sustainable part market by expanding its hydrogen car part business, following its trail in electric vehicle
- Took off into a global top-tier eco-friendly mobility parts corporation through cooperating with Korea's small-yet-solid companies
POSCO INTERNATIONAL (Vice-chairman Jeong Tak) is making a series of successful electric and hydrogen car part contracts in North America and Europe, solidifying its prominence in eco-friendly mobility parts market.
POSCO INTERNATIONAL recently revealed that they received an eco-friendly mobility parts order worth 300 billion KRW from a major U.S. automaker.
The part they received a contract for is a decelerator, a core component of EV drive system that's lately under the spotlight during this EV era.
The contract, worth 300 billion KRW, involves supplying receivers to the major North American automaker from 2024 to 2032 in steps, and additional orders are underway.
Also expanding the number of contracts received on other core components such as permanent magnet and shaft, POSCO INTERNATIONAL continues to enhance its EV drive system value chain.
Additionally, POSCO INTERNATIONAL sealed a 100 billion KRW deal for hydrogen car parts with the French automaker, HYVIA, last month. This is the first time for the corporation to make a direct contract with a global automaker to supply hydrogen car parts.
As a joint venture of RENAULT of France and PLUG POWER of U.S., HYVIA expects to release its commercial hydrogen fuel cell vehicle. POSCO INTERNATIONAL will work with Korea's part manufacturers to supply its power converter for HYVIA's new vehicle starting 2025.
The reason why POSCO INTERNATIONAL was able to sign a series of eco-friendly mobility parts contracts with global automakers was because the corporation proactively selected eco-friendly mobility as its future business and focused its capabilities on this business. By 2027, the eco-friendly mobility parts business is expected to completely outweigh the internal combustion engine (ICE) parts business.
Meanwhile, in addition to expanding its parts supply business as a global trader, POSCO INTERNATIONAL continues to develop its capability in the eco-friendly vehicle business by domestically and internationally establishing a production system for another main component of EV: traction motor core.
Last October in Mexico, the company built Plant 1 for the production of traction motor cores over the total area of 63,925m² (approximately 19,371 pyeong), and it's planning to build Plant 2 additionally during the first half of next year The plan is to push its global market share up to 10% by 2030 by establishing a production system capable of producing over 2 million units in Korea and 5 million units internationally, totaling more than 7 million units per year.
"To prepare ourselves for the post-carbon era, we are swiftly shifting our grounds from the previous ICE-focused business to eco-friendly mobility parts business," said a POSCO INTERNATIONAL official ambitiously. "In order to continuously grow as a global top-tier eco-friendly mobility parts manufacturer, we will collaborate with small yet sturdy companies in Korea to come up with various business models, and even consider establishing factories directly in North America."
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Posco International Corporation published this content on 06 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 December 2023 01:57:19 UTC.
