POSCO Holdings Inc. is collaborating with Hyundai Motor Company and eight other organizations in an initiative to develop high-efficiency electrical steel for electric vehicle (EV) drive motors. A kickoff meeting for the national R&D project took place on June 11, 2023, at the Research Institute of Industrial Science & Technology in Pohang, South Korea.
The project, titled “Development of 6.5% Silicon-Content Wide Electrical Steel Sheet and EV Efficiency-Enhancing Core and Drive Motor Manufacturing Technologies,” aims to create electrical steel sheets that reduce energy loss in high-speed operations, thereby enhancing EV efficiency and potentially extending driving ranges. The collaboration includes notable partners such as SL Corporation and the Korea Institute of Industrial Technology, with support from South Korea’s Ministry of Trade, Industry and Energy.
By leveraging this partnership, POSCO seeks to strengthen South Korea’s steel and automotive supply chains and improve its competitive position in the global EV market. Notably, POSCO’s shares have increased by 36.7% over the past year, while the broader industry has seen a decline of 3.6%.
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