Anode, Vietnam
A letter of intent covers a possible equity investment of about US$75m and preferential purchase rights for synthetic graphite anode from Thai Nguyen.
POSCO Future M said on 3 November that it had signed a letter of intent with Hyundai Motor Group on investment and business cooperation in its synthetic graphite anode project in Vietnam.
Under the letter of intent, Hyundai Motor Group will consider an equity investment of around KRW 100bn (about US$75m) in the project and seek preferential purchase rights for its output. The two companies also plan to work together on developing synthetic graphite anode tailored to electric vehicle performance requirements, and on quality evaluation. The equity review and purchase rights are terms of the letter of intent and not a finalised contract, Financial News reported.
The Vietnam plant
POSCO Future M broke ground this year on the plant in Thai Nguyen Province, with an investment of about KRW 357bn (about US$270m), and is targeting commercial production in 2028. The company said it has secured customer supply agreements for the first phase and is pursuing a second-phase investment. The site is sized for up to 55,000 tonnes a year.
POSCO Future M said the letter of intent gives it a foundation to speed up construction of its overseas production base.
Background
The letter of intent builds on a memorandum of understanding the two groups signed in April 2025 to expand cooperation in steel and battery materials.
It follows POSCO Future M’s seven-year MOU with LG Energy Solution on 30 October, under which synthetic graphite anode is to be supplied from its plants in Korea and Vietnam. Its other recent anode deals include a natural graphite supply agreement with a Japanese battery maker in July 2025, a KRW 671bn (about US$505m) natural graphite contract with a global automaker in October 2025, and a KRW 1.015tn (about US$766m) synthetic graphite contract with another global automaker in March 2026.
Sources: POSCO Future M announcement as reported by Financial News, Herald Business, eToday and The Korea Times (3 November 2026); Korea Herald. Won figures converted at about KRW 1,325 to the US dollar.
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