South Korean battery materials firm Posco Future M targets $32.6 billion sales by 2030

SEOUL : South Korean chemical and battery material maker Posco Future M Co Ltd said on Monday it is targeting 43 trillion won in sales by 2030, as demand for batteries for electric vehicles is expected to rise throughout this period.

Posco Future M, which supplies to battery cell makers LG Energy Solution , Samsung SDI and Ultium Cells, a joint venture of General Motors and LGES, said it targets an operating profit of 3.4 trillion won by 2030.To achieve its targets, Posco Future M said it plans to strengthen its ability to encompass entire lifecycle of battery materials from access to raw material mines, production and recycling, as well as take rapid investment decisions to expand global production capacity.

In May, POSCO Future M said it plans to set up a 1.2 trillion won battery material joint venture with Zhejiang Huayou Cobalt in South Korea as part of the firm's effort to strengthen its battery material supply chain management. Separately in June, the company with its parent POSCO Holdings Inc announced a 1.5 trillion won-battery material joint venture with CNGR.

Battery demand for vehicles in the United States grew by around 80 per cent in 2022, despite electric car sales only increasing by around 55 per cent, according to the International Energy Agency.

Source: Car News Wire (carnewswire.net)

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Korean protesters call for government action on Fukushima waterJapan has started dumping the water from the Fukushima nuclear plant north of Tokyo into the sea.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Korean Air set to weigh passengers before they can board flightsThe procedure involves passengers stepping onto scales along with their carry-on items at each boarding gate
Source: IndependentSG - 🏆 2. / 72 Read more »

NBA-Bronny James to return to court in 'near future' after cardiac arrestBronny James, the teenage son of NBA great LeBron James, is expected to return to basketball 'in the very near future' after he suffered a cardiac arrest last month, ESPN reported on Friday, citing a statement from a family spokesperson.The 18-year-old went into cardiac arrest on July 24 while training wi
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Building Singapore for future generations is the most important job: PM LeeSeniors will be taken care of and no one will be left behind as the nation progresses, he added. Read more at straitstimes.com.
Source: straits_times - 🏆 5. / 69 Read more »

Gary Chaw's son just turned 15, and people are calling him the most handsome second-gen starNetizens are also saying he resembles Korean actor Lee Jong Suk.
Source: TODAYonline - 🏆 1. / 99 Read more »

PE2023: New president must be able to inspire future leadersSense And Nonsense by Tan Bah Bah
Source: IndependentSG - 🏆 2. / 72 Read more »