Hyundai mulls investment in Posco battery anode plant in Vietnam

Hyundai Motor Group is considering investing in a battery anode plant being developed by Posco Future M, a subsidiary of the South Korean conglomerate Posco. The companies aim to collaborate on early-stage product development and quality assessments to ensure electric vehicle performance meets industry standards. Posco Future M's proposed $282 million investment, set to take place in Q3 of 2023, will establish a new production facility for synthetic graphite anode materials in Thai Nguyen, Vietnam.

The venture marks Posco Future M's first overseas endeavor in the artificial graphite segment. Once operational, the plant will produce up to 46,000 tonnes of artificial graphite annually, generating over $150 million in annual revenue. With synthetic graphite anodes playing a crucial role in enhancing battery performance and lifespan, the partnership promises to secure Hyundai Motor Group a more stable supply of critical battery materials.