According to South Korean media reports, Volvo Group Korea has signed a memorandum of understanding with South Korea's POSCO Group to jointly develop high-performance materials and technologies for the production of next-generation construction equipment.
The agreement was signed at Volvo Group Korea's Changwon plant and aims to support the transition to electrification and carbon neutrality in the construction sector technology.
lightweight and high-strength steel at the core
Under the partnership, the two companies will collaborate throughout the entire development cycle, from materials research to actual application and testing in equipment. The collaboration will focus on meeting the growing demand for lighter equipment and stronger materials to reduce carbon emissions.
The scope of cooperation includes the exchange of data and technologies related to electrification and decarbonization, the joint development of materials for next-generation equipment, as well as application testing and technical verification.
A key focus will be on lightweight structures with the use of high-strength steel, as well as the development of advanced welding technologies and the manufacture of construction equipment. New technologies developed as part of the cooperation are planned to be gradually introduced into excavators produced at the Volvo Group Korea plant in the southeast of South Korea.
According to Volvo Group Korea,
