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Posco wins main order from Rivian
South Korean metal maker Posco has gained a KRW145bn (US$122m) contract to produce EV half shafts for autos produced by Rivian Automotive.
The corporate’s buying and selling arm, Posco Worldwide, along with South Korean auto elements producer Erae Ams Firm, would provide elements for 340,000 EVs constructed by the US startup.
This adopted an earlier order positioned with the identical corporations for half shafts for 20,000 Rivian autos.
Posco and Erae are contracted to start delivery the elements from subsequent yr.
The pair have been collaborating on auto elements for 10 years and signed the same deal final yr to produce half shafts to Vietnamese automaker Vinfast.
Posco has made important efforts to place itself as a provider to the quick increasing world EV trade in the previous couple of years, significantly for battery supplies and elements.