South Korean steel maker POSCO has won a KRW145bn (US$122m) contract to supply EV half shafts for vehicles produced by Rivian Automotive.

The company’s trading arm, Posco International, together with South Korean auto parts manufacturer Erae Ams Company, would supply parts for 340,000 EVs built by the US startup.

This followed an earlier order placed with the same companies for half shafts for 20,000 Rivian vehicles.

Posco and Erae are contracted to begin shipping the parts from next year.

The pair have been collaborating on auto parts for 10 years and signed a similar deal last year to supply half shafts to Vietnamese automaker Vinfast.

Posco has made significant efforts to position itself as a supplier to the fast expanding global EV industry in the last few years, particularly for battery materials and components.

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By GlobalData