Hyundai places major drive core order with Posco
The South Korean steel company Posco has received a major new order from the Hyundai Motor Group to supply 3.53 million traction motor cores with stator and rotor. Part of this order is to be delivered to America, the other to South Korea.
Under the new contract, Posco International will supply 2.72 million traction motor cores to Hyundai Motor Group Metaplant America (HMGMA) – the South Korean automaker’s first electric car plant in the US – over an eight-year period starting in 2026. Posco will provide the other 810,000 units over a ten-year period for Hyundai’s electric car production in South Korea.
The South Korean steel group itself aims to produce a total of 5 million engine cores annually by 2030 at its main production facilities outside South Korea, specifically in China, Mexico, Poland and India. Another arm of the Posco Group – Posco Chemical – is active in cathode material production for electric car batteries. Posco is also building up capacity in battery recycling.
Along with a contract already concluded last year, Posco is now to supply the Hyundai Group with a total of 10.38 million motor cores for electric and hybrid models, according to media reports. The Hyundai Motor Group wants to be among the top three electric car manufacturers worldwide by 2030. The South Korean group wants to invest up to 24 trillion won (equivalent to about 16.6 billion euros) to increase production and exports.
The Hyundai Group wants to offer a total of 31 electric models by 2030 with the brands Hyundai Motor, Kia and the supplier Hyundai Mobis (Genesis is considered a brand of Hyundai Motor in this case). Part of the aforementioned 24 trillion won is to be invested in the development of a new e-platform. For the electric cars, the platform is called eM and is expected to debut in 2025.
According to an earlier announcement, the eM platform will serve as the basis for electric cars “in all segments”, from small cars to five-metre-long sedans and SUVs, and offer a 50 per cent longer range than the group’s current electric cars. Measured against the Ioniq 5 and Ioniq 6 e-GMP vehicles, this would mean around 750 kilometres for the mid-size crossover and 900 kilometres for the mid-size sedan – based on the WLTP ranges of currently 507 and 610 kilometres respectively.