# POSCO International wins $1.16B rare earth magnet supply contracts for EVs

POSCO International signed contracts to supply rare earth permanent magnets for electric vehicles worth a total of 1.16 trillion won ($900 billion from a North American automaker and 260 billion won from a European luxury car brand), with supply starting in 2025-2026.

- Type: Contract
- Announced: 2024-03-12
- Value: $870.0M (1160.0B KRW)
- Status: announced
- Products: rare earth permanent magnets for electric vehicles
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [POSCO International](https://endata.com/companies/44533.md) (supplier)

## Sources

- [mk.co.kr](https://www.mk.co.kr/en/business/10962489), 2024-03-12: "POSCO International has signed a contract to supply rare earth permanent magnets for electric vehicles worth 1.16 trillion won to expand its electric vehicle parts business."
- [mk.co.kr](https://www.mk.co.kr/en/business/10962664), 2024-03-12: "POSCO International has signed a contract to supply rare earth permanent magnets for electric vehicles worth 1.16 trillion won to expand its electric vehicle parts business."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.