[Hot Stock] Posco Chemical Rises 10% on News of Groundbreaking for Electric Vehicle Cathode Material Plant

[Image source=Yonhap News]

[Asia Economy Reporter Lee Myunghwan] POSCO Chemical is showing strong performance on the afternoon of the 8th following the groundbreaking news of its cathode material factory for electric vehicles.

As of 1:30 PM on the same day, POSCO Chemical is trading at 138,000 KRW, up 11.29% (14,000 KRW) compared to the previous trading day.

This is attributed to POSCO Chemical's groundbreaking ceremony for a high-nickel cathode material production plant, a key material for electric vehicle batteries, held yesterday in Pohang, Gyeongbuk.

The Pohang cathode material plant will be established on an area of approximately 120,000㎡ within the Yeongilman 4 General Industrial Complex in Pohang, Gyeongbuk, with an investment of about 290 billion KRW and an annual production capacity of 30,000 tons. The plant is scheduled to begin operations in 2024, with plans to expand production capacity to 60,000 tons annually by 2025 through additional investments.

The 60,000 tons of cathode material is enough to supply over 600,000 high-performance electric vehicles. Based on current standards, this corresponds to annual sales of approximately 2.5 trillion KRW.

POSCO Chemical plans to secure a total production capacity of 115,000 tons in major overseas electric vehicle markets including North America, China, Europe, and Indonesia.

This content was produced with the assistance of AI translation services.