POSCO INTERNATIONAL : Supplies 3.53 Million Units of Next-Gen EV Traction Motor Cores to Hyundai Motor Group

POSCO INTERNATIONAL Supplies 3.53 Million Units of Next-Gen EV Traction Motor Cores to Hyundai Motor Group

2023.09.14

POSCO INTERNATIONAL

Supplies 3.53 Million Units of Next-Gen EV Traction Motor Cores

to Hyundai Motor Group

- Confirmed to supply 2.72 million units of traction motor cores to Hyundai Motor Group's new electric vehicle plant in the U.S.

- Secured an order for 810,000 units of traction motor cores from Hyundai Motor Group for domestic production

- Creates synergy by combining the technology of the subsidiary POSCO Mobility Solution with the high-quality electrical steel from POSCO

POSCO INTERNATIONAL is further solidifying its position in the mobility industry by securing a series of large-scale traction motor core orders.

On the 13th, POSCO INTERNATIONAL (Vice Chairman Jeong Tak) announced via the Data Analysis, Retrieval and Transfer System (DART) that it has signed a contract with Hyundai Motor Group to supply a total of 3.53 million traction motor cores.

Under this agreement, POSCO INTERNATIONAL will supply 1.09 million front-wheel drive motor cores and 1.63 million rear-wheel drive motor cores to Hyundai Motor Group's new North American plant―Hyundai Motor Group Metaplant America (HMGMA)―from 2026 to 2034. In addition, the company will provide Hyundai Motor Group with 810,000 rear-wheel drive motor cores for locally produced electric vehicles from 2026 to 2036.

From November last year until September this year, the company has impressively secured orders for a total of 10.38 million traction motor cores from Hyundai Motor Group. The company is successfully supplying traction motor cores for eco-friendly vehicles (electric and hybrid vehicles), including 3.4 million motor cores for next-generation hybrid SUVs and 2.5 million for flagship electric vehicles.

Its success in securing the series of orders is seen as a synergy between the technology and infrastructure provided by its subsidiary, POSCO Mobility Solution, in the mobility sector, and POSCO's high-quality hyper non-oriented electrical steel (Hyper NO), which is a key material used in motor cores.

* Hyper Non-Oriented Electrical Steel: Developed by POSCO, this steel significantly reduces energy loss compared to conventional electrical steel, and POSCO is the only Korean steelmaker that can produce this type of steel.

Established in 2020 as an independent subsidiary of POSCO INTERNATIONAL, POSCO Mobility Solution has become Korea's top manufacturer of traction motor cores. The patented stacking method developed by its in-house mold research center is considered exceptional for maximizing the efficiency and performance of motors.

Beyond Korea, POSCO INTERNATIONAL is actively working to establish a global production network to eliminate the risks of trade barrier in the electric vehicle market, such as the Inflation Reduction Act (IRA) and Critical Raw Materials Act (CRMA), and to meet local procurement needs of automakers. The plan includes building an overseas production system capable of producing 5 million traction motor cores in key continental locations such as China, Mexico, Poland, and India by 2030.

*IRA: Inflation Reduction Act, a U.S. legislation enacted to fight inflation, which includes restriction components related to the electric vehicle industry.

**CRMA: Critical Raw Materials Act, which calls for a reduction in dependency on regions outside the EU for supply chain risk management. Also called the European IRA.

The company is currently in the final stages of completing a new factory in China, which broke ground in March of last year. Its plant in Mexico, which is scheduled for completion next month, will have an annual production capacity of 1.5 million units, which will establish it as the North American production base for global eco-friendly car companies, including Hyundai Motor Group. In Europe, Poland has been chosen as the key location. The company is now searching for an ideal site to establish a new production plant, with operations set to commence in 2025.

"This order carries significant meaning as we will directly supply traction motor cores―a key component of drive motor―to Hyundai Motor Group, a leader in the automotive industry, for their new overseas plant," a POSCO INTERNATIONAL official said. "Our aim is to further expand our influence in the global eco-friendly mobility market through collaborations with leading Korean companies."

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