Hyundai Motor Group may buy into a battery materials plant in Vietnam. It signed a letter of intent with Posco Future M on Nov. 3 to consider a 100 billion won equity investment in Posco's synthetic graphite anode project there.
The plan
If the investment goes ahead, Hyundai would get priority rights to buy the plant's anode materials. The two companies will also work together on early product development and quality testing.
The Korea Herald says Posco Future M began building the plant in Thai Nguyen, Vietnam, in March, at a cost of about 357 billion won. Mass production is set to start in 2028. Orders for the first phase have already been secured, and Posco is pursuing a second phase.
Why it matters
Synthetic graphite anodes improve fast charging and battery life. Both outlets say carmakers want more supply from outside China. US foreign-entity-of-concern (FEOC) sourcing rules and new European industrial policy are adding to that pressure. BusinessKorea says the deal builds on a steel and battery cooperation agreement the two groups signed in April last year.