Daily EV news · Global · 19 January 2026
Electric Vehicles
POSCO FutureM and CNGR form joint venture for 50,000 tonne LFP cathode plant in South Korea
South Korean battery materials manufacturer POSCO FutureM has signed a joint venture agreement with CNGR and its Korean subsidiary FINO to build a lithium iron phosphate cathode material plant with 50,000 tonnes annual capacity in Pohang, South Korea. Construction begins in 2026 with mass production targeted for 2027. Separately, POSCO FutureM will convert part of its existing high nickel cathode line to LFP production, aiming to supply the market from the second half of 2026.
Why it matters
The expansion of LFP cathode production addresses growing demand in energy storage systems and entry level EVs, where lower cost and longer lifespan offset reduced power output compared to nickel manganese cobalt batteries. This upstream capacity addition may influence cathode material pricing and availability for battery manufacturers supplying the EV charging infrastructure sector.