Posco SPS Motor cores (Posco International)
Posco International aims to take 20 percent of the world market for automotive motor cores, kicking off its auto parts business in earnest this year, the company said Monday.
In its investor relations presentation Thursday, the general trading company unveiled new plans and targets for its motor core products, produced by its subsidiary Posco SPS (Steel Processing & Service).
Motor cores are used in generating electricity within a motor, and have a wide range of applications, from automotive and consumer electronics to industrial devices, according to Posco.
The company said its motor cores are used by numerous automotive brands, including Hyundai Motor and Kia.
Under the goal, the company will push to expand its annual supply volume to 4 million motor core units, worth 750 billion won ($672 million), by 2025 and achieve a global market share of 20 percent.
Posco said it will expand its annual production to 2 million units by 2022 and will also seal deals across Asia and the Americas.
Posco anticipated the motor core industry to expand, as the global market for environmentally friendly vehicles is anticipated to grow from 8 million units in 2020 to some 38 million in 2030.
While one motor core is used per electric vehicle, the number used may increase with dual or triple motor technologies in the future, Posco said.
By Jo He-rim (email@example.com