Dooal Wins Order for 'Ioniq 5' Eco-Friendly Seat Covers... "Full-Scale Supply to Electric Vehicles"

[Asia Economy Reporter Hyunseok Yoo] Duol, a global automotive interior materials specialist, announced on the 22nd that it has secured orders for seat covers and eco-friendly fabrics for Hyundai Motor Company's major electric vehicle model, the 'Ioniq 5,' and will begin mass production and supply starting next month.

The Ioniq is Hyundai Motor Company's future eco-friendly strategic model, a compact vehicle based on the electric vehicle platform E-GMP (Electric-Global Modular Platform). Through this order, Duol has secured a sales source worth approximately 120 billion KRW over the next five years solely for eco-friendly fabrics and seat covers for this model. Hyundai Motor Company has announced plans to sell 560,000 electric vehicles by 2025, aiming to more than double its current market share.

The company explained, "We are continuously developing seat products suitable for future mobility models, including electric vehicles, by applying fabric materials with excellent characteristics such as eco-friendliness, lightweight, and flame resistance, along with sophisticated and creative designs."

Duol is an industry-leading company with 50 years of experience producing automotive seat covers, fabrics, airbags, and more. It manufactures most of the front and rear seat covers where passengers sit and lean in vehicles. Depending on the characteristics of the vehicle model, it has its own research and development (R&D) and design competitiveness to realize various materials, design patterns, colors, and textures. As a partner of Hyundai Motor Company, the largest domestic automaker, it has supplied interior materials for popular models such as the GV80, Grandeur, Carnival, and Santa Fe.

Jo Inhoe, CEO of Duol, said, "As an industry-leading company, our most important value and goal is to produce and supply the highest quality products that meet the reputation and standards of our clients regardless of the vehicle model." He added, "We will continue to focus all our capabilities on expanding supply to follow-up vehicles of our largest client and new client models by leveraging our differentiated competitiveness."

Meanwhile, Duol announced on the 19th that it will pay a dividend of 80 KRW per common share. The total dividend amount is 2.6 billion KRW, with a dividend yield of 2.4%. The company has paid dividends annually since its listing in 2016.

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