Posco Inter Completes Electric Vehicle Core Parts Factory... "Securing Annual Production Capacity for 2 Million Units"

[Asia Economy Reporter Choi Dae-yeol] POSCO International held a completion ceremony for its Pohang Drive Motor Core production plant on the 8th. The new plant will produce 1 million eco-friendly vehicle drive motor cores annually. A drive motor core is a key component of the motor, which is the axis of the electric vehicle's power source, and the company counts Hyundai and LG among its major clients.

Construction began in April last year, was completed in December of the same year, and recently started operations. By the end of this year, dedicated presses and post-processing assembly lines will be additionally introduced. With this expansion, the company's domestic production of drive motor cores will increase to 2 million units, making it the largest scale in the country. Overseas, the company is focusing on securing new orders in China, Europe, and other regions, aiming to establish a total production system of 7 million units by 2030, including 2 million units domestically and 5 million units overseas. The global market share target is set at 20%. Joo Si-bo, President of POSCO International, stated, "To proactively respond to the rapidly increasing production outlook of eco-friendly vehicles, we will focus on fostering the eco-friendly vehicle steel parts business."

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