POSCO Future M says Hyundai Motor to consider investment in Vietnam project

POSCO Future M and Hyundai Motor Group have signed a letter of intent to explore investment and business cooperation in a joint artificial graphite anode material project in Vietnam. The agreement aims to strengthen the global battery supply chain and secure a stable supply of battery materials for Hyundai Motor Group's global operations.

Hyundai Motor Group will consider an equity investment of around 100 billion won ($74.6 million) in the project and seek preferential purchasing rights for the materials. The partnership builds on a memorandum of understanding signed last year to expand cooperation in steel and secondary battery materials. The agreement is expected to provide POSCO Future M with a stronger footing for expanding its overseas production base and accelerate construction of its planned Vietnam plant.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.