Breaks Ground for a Production Plant in Mexico
POSCO International has broken ground for an electric vehicle (EV) parts plant in Mexico. It has already secured a long-term EV parts supply contract worth US$460 million with a major automaker.
POSCO International held a groundbreaking ceremony for the driving motor production plant in Ramos Arizpe, Coauila of Mexico on July 6 (local time).
The event was attended by Governor Miguel Riquelme of Coauila, Korean Ambassador to Mexico Seo Jung-in, POSCO International President Joo Si-bo and POSCO Mobility Solution President Kim Hak-yong.
Ramos Arizpe, located in northeastern Mexico, is a hub of the automobile industry where major automakers and parts factories are concentrated.
POSCO International plans to invest about 160 billion won in the Mexican factory by 2030 to meet a steep rise in demand from the North American market. The plant will produce driving motors for 1.5 million EVs per year.
POSCO will produce electric steel plates for the project.
In December last year, POSCO International completed a plant in Pohang with an annual production capacity of one million units. The company aims to become a global top-tier eco-friendly car parts company by expanding its production capacity to seven million units per year by 2030.