Posco wins massive EV magnet orders from global carmakers

By Kim Hae-yeon

Published : March 12, 2024 -

The US subsidiary of Posco International plans to procure permanent magnets worth some 900 billion won ($685 million) from 2026 to 2031, for a global automaker in North America. The magnets produced will be utilized in the drive motors of the company's medium and large-sized electric vehicle models.

Similarly, Posco International's German subsidiary inked a permanent magnet supply agreement worth some 260 billion won from 2025 to 2034, with a premium European car brand.

Citing deal conditions, the company declined to reveal the names of its clients.

The permanent magnets secured by Posco International's overseas subsidiaries will not rely on rare earths from China, which accounts for over 90 percent of rare earths sourced globally, but will instead utilize raw materials obtained from the United States, Australia and Vietnam.

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