Published 12 Apr.2023 09:36(KST)
POSCO Group's stock price surged in early trading following news that it has started cooperation with Japanese automaker Honda on sourcing and recycling materials for electric vehicle (EV) batteries.
At 9:24 a.m. on the 12th, POSCO Holdings was trading at 429,000 KRW, up 32,000 KRW (8.06%) from the previous day. This rise is attributed to the announcement that POSCO Holdings signed a comprehensive memorandum of understanding (MOU) with Honda's electric vehicle division the day before.
The two companies agreed to actively collaborate in response to the globally growing electric vehicle market. They plan to strengthen cooperation in the existing steel sector and discuss new collaboration in secondary battery materials, including cathode and anode materials, solid-state battery materials, and recycling.
POSCO Group aims to establish a production and sales system by 2030 for 610,000 tons of cathode materials, 320,000 tons of anode materials, 300,000 tons of lithium, and 220,000 tons of nickel, targeting sales of 41 trillion KRW solely from the secondary battery materials business.
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