[Alpha Biz= Paul Lee] Posco Group’s battery materials affiliate, Posco Future M, saw its supply revenue from General Motors (GM) fall sharply due to a slowdown in U.S. electric vehicle demand and a steep decline in lithium prices.

According to filings with the Financial Supervisory Service on December 31, Posco Future M had a contract with GM worth 13.77 trillion won but only supplied 2.81 trillion won worth of materials.

The company cited the collapse in lithium prices—down roughly 90% over the past 3–4 years—and slower EV market growth in the U.S. as key factors for the shortfall. Although actual sales revenue was around 20% of the contracted amount, estimated sales volume was higher.

The contract, which began on January 1, 2023, concluded on December 31, and will not affect future earnings.

 

 

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