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

What happened: POSCO Future M said Hyundai Motor Group will consider investing in the second phase of its artificial graphite anode material plant in Vietnam and securing priority purchase rights, under a letter of intent. Key numbers: 100 billion won (US$74.5 million) potential investment; March deal worth 1.01 trillion won to supply a Why it matters: The LOI follows Vietnamese authorities' approval of the project, POSCO Future M's first overseas production base for the battery component. Hyundai Motor Group is expected to secure a stable supply of battery materials in global markets.

POSCO Future M said Hyundai Motor Group will consider investing in the second phase of its artificial graphite anode material plant in Vietnam and securing priority purchase rights, under a letter of intent.

The LOI follows Vietnamese authorities' approval of the project, POSCO Future M's first overseas production base for the battery component. Hyundai Motor Group is expected to secure a stable supply of battery materials in global markets.