economy and politics

POSCO and Honda agree to collaborate for the production of cathode materials in Canada

Posco Honda

POSCO Future and Honda Motor announced a basic collaboration agreement for the production of cathode materials for automotive batteries in Canada. Both companies will enter into detailed talks with the aim of signing a joint venture agreement before the end of 2024.

The agreement comes as a result of a discussion that began in April 2023 on a global partnership towards carbon neutrality, where both companies considered the possibility of cooperating on the acquisition of key materials for batteries.

Cathode materials are essential for batteries, being a key component of electric vehicles (EV). The stable acquisition of these high-quality materials will strengthen the business structure of both companies. The main objective of the agreement is to execute the respective electrification strategies, ensuring the stable acquisition of high-performance batteries in the North American electrification market, where growth is expected in the medium and long term.

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Both parties will continue negotiations to establish a joint venture that will supply cathode materials for electric vehicle batteries, primarily for the North American market that Honda primarily targets.

The collaboration will leverage the strengths of both companies, including high-value-added materials technologies and electrification technologies, to produce high-quality cathode materials for electric vehicle batteries. This approach will facilitate the manufacturing of high-performance electric vehicles and accelerate both companies’ efforts to achieve carbon neutrality.

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