Truewin Supplies Electric Vehicle Parts to China's Tesla Equivalent, Nio

[Asia Economy Reporter Jang Hyowon] Sensor specialist Truewin (CEO Nam Yonghyun) announced on the 28th that it has signed a supply contract for the electric vehicle sensor ‘BPS (Brake Pedal Sensor)’ with Chinese electric vehicle manufacturer NIO. An initial shipment of 60,000 units is scheduled to be supplied by the first half of next year.

NIO is an electric vehicle company known as the ‘Tesla of China.’ It develops and manufactures a wide range of electric vehicles, from sedans to SUVs. Truewin supplies NIO with the BPS sensor product, which is installed not only in internal combustion engine vehicles but also in hybrid and electric vehicles.

The BPS measures the voltage value when the driver presses the vehicle pedal and transmits the electrical signal to the electronic control unit. Truewin currently supplies all eco-friendly models of domestic HKMC (Hyundai Kia Motors Corporation) through Mando, and recently succeeded in securing an order for 90,000 units from the global company FORD.

According to SNE Research, the global electric vehicle market, which is at the level of 4.8 million units this year, is expected to grow at an average annual rate of 21% and reach 40 million units by 2030. With the Chinese government actively implementing policies such as extending electric vehicle subsidies and expanding charging infrastructure, growth is expected not only for NIO but also for electric vehicle-related companies within China.

A Truewin official stated, “Orders for automotive sensor products such as BPS continue, driving sales growth,” and added, “The electric vehicle market is expected to steadily grow next year as well, and starting with this contract, the volume of product exports will gradually expand.”

Meanwhile, Truewin continues solid performance with increased sales of automotive sensors and new business products such as infrared thermal imaging sensors and cameras. In the third quarter of this year, it recorded sales of 11.4 billion KRW, a 53% increase compared to the same period last year, and achieved an operating profit of 500 million KRW, maintaining a profit trend following the turnaround in the second quarter.

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