Sewon Supplies New Parts for Hyundai's 'Kona' and Others... "Benefiting from Strong Global Electric Vehicle Sales"

[Asia Economy Reporter Hyunseok Yoo] Seowon, a specialized company in automotive air conditioning system components, announced on the 7th that it will supply electric vehicle header condensers worth a total of 4 billion KRW annually to Hyundai Motor's Kona EV and Ioniq EV, and Kia Motors' Niro EV models.

Seowon has been supplying the entire quantity of header condensers, a core component of the air conditioning system, for Hyundai Motor's hydrogen fuel cell vehicle Nexo. The header condenser is a key battery thermal management component located at the very front of the vehicle engine room that converts the high-temperature, high-pressure air conditioning refrigerant delivered from the compressor into liquid refrigerant. It accounts for about 42% of Seowon's total sales.

A Seowon official said, "We supply header condensers to three electric vehicle models: Kona, Ioniq, and Niro. Kona will be supplied at a scale of 2 billion KRW annually, Ioniq at 1.4 billion KRW, and Niro at 600 million KRW annually."

He added, "Amid the hot market growth driven by strong electric vehicle sales from global EV companies such as Tesla and Hyundai-Kia Motors, the demand for electric vehicle-related parts including header condensers is increasing. We also plan mass production of parts for Hyundai Motor's next-generation pure electric vehicle NE-EV, scheduled for release in the first quarter of next year, so the supply of electric vehicle parts will continue to increase."

Following air conditioning system products, Seowon is also developing electric vehicle thermal management system products such as battery chillers. Parts for eco-friendly vehicles like electric vehicles have a higher average selling price compared to internal combustion engine vehicles, so sales growth is expected to be significant. The non-memory power semiconductor business, promoted as a new growth engine with its subsidiary Trino Technology, is also a major expectation factor for growing into a core parts company for electric and hydrogen vehicles.

Meanwhile, according to electric vehicle battery market analysis firm SNE Research, among electric vehicle brands sold worldwide in 2019, Hyundai Motor rose from 17th place the previous year to 6th, and Kia Motors rose from 21st to 14th, showing a sharp increase in electric vehicle sales volume. Hyundai showed the highest growth rate with Kona EV sales increasing 2.7 times compared to the previous year, and Kia improved its ranking due to strong sales of the Niro EV.

This content was produced with the assistance of AI translation services.