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Mexico Factory Groundbreaking Ceremony (Photo Credit: POSCO)
Mexico Factory Groundbreaking Ceremony (Photo Credit: POSCO)

POSCO International begins construction of EV parts plant in Mexico

ANI | Updated: Jul 08, 2022 16:59 IST

Seoul [South Korea], July 8 (ANI/Global Economic): POSCO International said on the 7th that it held a groundbreaking ceremony for the electric vehicle (EV) drive motor core production plant in Ramos-Arizpe, Coahuila, Mexico.
POSCO International has decided to set up a plant in Mexico to target the North American market in consideration of the U.S. import restrictions on electric steel sheets and logistics competitiveness.
Ramos-Arizpe, where POSCO's new plant will be built, is the centre of the Mexican automobile industry. A number of automobile and parts manufacturing plants are located.

POSCO International will invest about 160 billion won in its Mexican plant by 2030 to have an annual production capacity of 1.5 million units.
POSCO has already signed a contract with an automobile manufacturer to supply parts worth $460 million by 2030.
POSCO International has continued to make investments in the drive motor core, core parts for eco-friendly vehicles, for its future growth. It completed the production plant with an annual capacity of 1 million units in Pohang in December, and also participated in the paid-in capital increase of POSCO-CORE, a Chinese production subsidiary, in July last year.
POSCO International aims to become a global eco-friendly vehicle parts company by securing an annual production capacity of 7 million units at home and abroad by 2030.
POSCO International President Joo Si-bo said, "Based on the Mexican plant, we will actively target the North American EV parts market and become a key partner of global automakers that need driving motor cores." (ANI/Global Economic)