POSCO Future M suspends plan for battery materials factory with Chinese firm in S.Korea (updated)

Posco Future M

04/09/2024 10:24

(Add details)
       SEOUL, Sept 4 (Reuters) - South Korea's Posco Future M
 003670.KS  said on Wednesday that it is suspending a plan to
build a new battery materials factory with China's Zhejiang
Huayou Cobalt  603799.SS  in South Korea, citing slowing demand
for electric vehicles. 
    The two companies last year signed a preliminary deal to
create a joint venture to build a precursor and nickel raw
material production plant in the South Korean city of Pohang.
    POSCO Future M said in a regulatory filing that the EV
market "chasm" will make it challenging for the project to be
economically feasible.
    ($1 = 1,341.9900 won)

 (Reporting by Hyunjoo Jin
Editing by Ed Davies)
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))