Pohang: The head of POSCO Future M Co., the battery materials unit of POSCO Holdings Inc., announced that global automakers are increasingly seeking electric vehicle (EV) battery supply partnerships with the company. This shift comes as automakers aim to diversify their supply chains away from China amid the policies of the U.S. administration under President Donald Trump.
According to Yonhap News Agency, Eom Gi-cheon, the CEO of POSCO Future M, highlighted the growing trend during a general shareholders meeting in Pohang, located 262 kilometers southeast of Seoul. He noted that since the Trump era, the de-risking of battery supply chains from China has become a significant focus, leading to a surge in contacts from automotive original equipment manufacturers (OEMs) looking for potential supply deals.
POSCO Future M is positioning itself for long-term growth beyond what Eom described as the "EV chasm," a temporary plateau in EV demand. The company is accelerating the development of next-generation battery materials to prepare for future market demands. Eom emphasized the importance of leveraging the capabilities of the company's employees and shareholder support to become a pivotal player in the secondary battery market.
Eom also pledged to enhance the company's productivity by 30 percent through improved operational efficiency and to secure a technological advantage through advanced processing innovations. Looking to the future, POSCO Future M has set an ambitious target to more than double its sales, aiming to exceed 7 trillion won (approximately US$4.77 billion) by 2027.