All data are based on the daily closing price as of May 22, 2024

POSCO International Secures Contracts for Electric Vehicle Parts in the U.S. and Hydrogen Vehicle Parts in Europe

South Korea
p 047050.KO Blue Chip 150
Share this on

POSCO International has successfully secured contracts totaling 400 billion won, affirming its presence in the global market for eco-friendly car parts. The company clinched a substantial order worth 300 billion won for reducers, crucial components of electric vehicle drive systems, from a major U.S. automaker. The agreement outlines a staged supply of reducers from the upcoming year until 2032, with plans for additional orders, marking a significant step for POSCO International in the electric vehicle market.

Furthermore, the company confirmed a 100 billion won order for hydrogen vehicle parts from HYVIA, a French automaker and joint venture between Renault and Plug Power. This marks POSCO International’s first direct contract with a global automaker for hydrogen vehicle parts. The supply of hydrogen vehicle power conversion devices is slated to commence in 2025. POSCO International expresses a commitment to continued growth as a leading global eco-friendly car parts provider and envisions exploring various business models in collaboration with domestic small and medium-sized enterprises, including the potential establishment of a local factory in North America if deemed necessary.

Share this on
Jakota Newsletter

Stay ahead in the JAKOTA stock markets with our roundup of vital insights

Icon scroll to top