POSCO, Honda sign MOU for cooperation in EV material business

▲ In this photo provided by POSCO Holdings, Chairman Choi Jeong-woo (L) poses for a photo with Honda Motor CEO Toshihiro Mibe at POSCO Holdings' headquarters in Seoul on April 11. (PHOTO NOT FOR SALE) (Yonhap)

POSCO-Honda-cooperation

POSCO, Honda sign MOU for cooperation in EV material business

SEOUL, April 12 (Yonhap) -- POSCO Holdings Inc., South Korea's top steelmaker, said Wednesday it has signed a memorandum of understanding with Japanese carmaker Honda Motor Co. to cooperate in the electric vehicle (EV) battery materials business.

Under the initial deal, the two agreed to explore technical exchanges on key battery materials, such as cathode and anode materials.

The two companies also agreed to work on the expanded use of recycled materials for the realization of a low-carbon society.

In the automotive steel sheet segment, the two will adopt ultrahigh tensile steel sheets and electric steel sheets in the production of drive motors, which will contribute to reducing greenhouse gas emissions.

POSCO Holdings has been accelerating its moves to expand its EV materials business.

By 2030, the steel giant aims to produce 220,000 tons of nickel and 300,000 tons of lithium per year. By that time, POSCO also seeks to churn out 610,000 tons of anode materials and 320,000 tons of cathode materials.

Meanwhile, Honda Motor will invest US$40 billion by 2030 to strengthen its EV models.

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