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.