POSCO Future M, Hyundai Motor Group explore Vietnam anode investment

POSCO Future M said Tuesday that it had signed a letter of intent with Hyundai Motor Group to explore investment and business cooperation in its artificial graphite anode material project in Vietnam, aiming to strengthen the global battery supply chain. Under the agreement, Hyundai Motor Group will consider an equity investment of around 100 billion won ($74.6 million) in the project and seek preferential purchasing rights for the materials. The partnership builds on a memorandum of understanding signed by the two groups in April last year to expand cooperation in steel and secondary battery materials amid changes in global trade conditions and industrial trends. The agreement is expected to give POSCO Future M a stronger footing for expanding its overseas production base and accelerate construction of its planned Vietnam plant. Hyundai Motor Group, meanwhile, aims to secure a stable supply of battery materials for its global operations. The two companies also plan to cooperate on developing artificial graphite anode materials tailored to electric vehicle (EV) performance requirements an