Posco International, a unit of South Korean steelmaker POSCO Group, announced plans to triple its global traction motor core production capacity to meet growing demand from the global electric and hybrid vehicle industry.
A board meeting gave the formal go ahead to plans to build a second motor core plant in Mexico with completion scheduled for March 2025, a similar plant in Poland to be completed the following May plus a new factory in India.
Go deeper with GlobalData
The company currently has four traction motor core plants including two in South Korea, one in China and one in Mexico, with combined capacity of 2.25m units per year.
The planned new investment will increase the number to seven in five countries with capacity for 7m units per year by 2030 which the company estimated would be enough for a 10% share of the market.
Posco plans to begin construction in Poland in June, near Brzeg, which will have capacity of 1.2m cores targeting mainly EV manufacturers in Germany, Hungary, Czech Republic and Slovakia.
The second Mexican plant will be built in Ramos Arizpe near the exiting plant which began operations last October. The two Mexican plants will have a combined capacity for 2.5m units a year to supply automakers in North America, including Hyundai and Kia.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
