Korea’s LG Elec, POSCO Future M receive GM supplier awards

South Korea’s LG Electronics Inc. and POSCO Future M said on Sunday that they won annual supplier awards from US top automaker General Motors Co.

LG Electronics, the world’s leading home appliance maker, said it was selected as a Supplier of the Year in the infotainment and telematics sector at GM’s annual event to award top global suppliers earlier this month. The Supplier of the Year award recognizes distinguished global suppliers that exceed GM’s requirements, in turn providing its customers with innovative technologies among the highest quality in the automotive industry, according to the carmaker.

The South Korean company expanding its automotive business has received the prize six times, including the latest one. It has been supplying telematics modules to GM since 2006.

“Excellent product competitiveness and efforts to overcome the crisis together by supplying parts on time despite challenging situations during the COVID-19 pandemic were recognized,” said an LG Electronics official.

OVERDRIVE AWARD FOR POSCO FUTURE M

POSCO Future M, formerly known as POSCO Chemical Co., won the Overdrive award for suppliers that display outstanding achievement across the GM global purchasing and supply chain organization’s key priorities such as sustainability, innovation, relationships, total enterprise cost, launch excellence and safety.

The electric battery materials subsidiary of POSCO Group set up Ultium CAM, a cathode materials joint venture with GM while stably supplying cell ingredients such as cathode and anode materials to the maker of the Chevrolet Bolt EV.

POSCO Future M plans to expand the cathode materials plant in North America with GM and actively aims to build a factory for precursor, a material created by mixing nickel, cobalt, manganese and aluminum and represents more than 60% of the cathode material cost.

“The two companies are set to strengthen cooperation for stable supplies in the future with additional deals for cathode and anode materials,” said a POSCO Future M official.

Write to Sungsu Bae and Kyung-Min Kang at baebae@hankyung.com
 
Jongwoo Cheon edited this article.