Posco International, a unit of South Korea’s largest steel maker POSCO Group, said it had signed an agreement to supply 1m electric vehicle (EV) motor cores to Hyundai Motor Group in Europe between 2025 and 2034.

Posco will supply the motor cores directly to the Hyundai Mobis plant in Gbelany, Slovakia, where they will be assembled into EV drive modules. Of these, 550,000 will be shipped to Hyundai’s vehicle assembly plant in Turkey and 480,000 to Kia’s factory in Slovakia.

The motor cores will be produced at a yet to be built Posco facility near Brzeg in southern Poland where it will have easy access to key European manufacturing centres including Germany, Hungary, the Czech Republic and Slovakia. Construction of the plant is set to begin in coming months with completion scheduled for early 2025.

Posco is fast establishing itself as a key global supplier of EV parts, having signed contracts to supply 12m motor cores to Hyundai and Kia over the last two years.

The company, which is targeting a 10% share of the global EV motor core market, recently completed construction of a new motor core factory in China and is currently building a facility in Mexico to supply North America.

Another factory is planned for India later in the decade.

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By GlobalData