The US plans to stop providing tax incentives on EVs equipped with batteries containing graphite from China in 2027.“We will continue to discover projects that contribute to improving the global competitiveness of the national key industries such as secondary battery materials,” said POSCO Chairman Chang In-hwa.“We also plan to use the group’s various business portfolios and global networks to establish supply chains for national security.”South Korea is home to major global EV battery makers including LG Energy Solution Ltd., SK On Co.and Samsung SDI Co., which heavily rely on raw materials from China.
The Australian company has an 84% stake in the Mahenge Graphite Project estimated to host some 6 million tons of natural graphite.POSCO Holdings Inc., the parent of South Korea’s sole anode producer POSCO Future M Co., aims to reduce its dependence on graphite from China used for electric vehicle battery anodes, the negatively charged part, to zero and use only its own.
POSCO Group, South Korea’s steel and battery material conglomerate, is set to invest in the world’s second-largest natural graphite reserve in Tanzania developed by an Australian company to reduce the imports of the mineral from China.
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