MyB M1 'Power Supply System' Domestic Production Full-Scale Launch

'KST Electric, Gyeongbuk IT Convergence Industry Technology Institute, and HS Haeseong' Sign Business Agreement for Development of Micro Electric Vehicle Parts

Kim Jong-bae, CEO of KST Electric (left), and Jung Gil-ryong, CEO of HS Haesung, are taking a commemorative photo after signing the business agreement.
[Photo by KST Electric]

[Asia Economy Reporter Kim Jong-hwa] KST Electric announced on the 5th that it signed a business agreement with Gyeongbuk IT Convergence Industry Technology Institute (GITC) and HS Haeseong during the '2021 Daegu International Future Auto Expo (DIFA)'.

The core of this agreement is that KST Electric and HS Haeseong, supported by GITC, will take the lead in domesticating ultra-small electric vehicle parts that have been dependent on China, thereby supporting the establishment and growth of the electric vehicle industry ecosystem in the Gyeongbuk region.

KST Electric attaches great significance to this agreement as the starting point for the development of domestically produced electronic components to maximize the completeness of ultra-small electric vehicles as a mid- to long-term plan. This is because it has secured outstanding competitiveness in the ultra-small electric vehicle segment following the development of dedicated ADAS technology for ultra-small electric vehicles in collaboration with Bitsensing.

In particular, through this 'KST Electric-HS Haeseong' business agreement, HS Haeseong's high-performance power supply system under development will be adopted (installed) in the MyB M1 vehicle launched by KST Electric, which is expected to dramatically improve the supply chain issues of ultra-small electric vehicle parts, battery charging time, and other quality issues of ultra-small electric vehicle parts.

KST Electric expects that the localization of this power supply system will significantly enhance the completeness of the vehicle, greatly contributing to securing product competitiveness. Additionally, it will enable rapid response to domestic market A/S, which is expected to greatly increase customer satisfaction.

Kim Jong-bae, CEO of KST Electric, said, "We are focusing on technology development to increase the localization rate of parts as a prerequisite to enhance the completeness of ultra-small electric vehicles," adding, "In the future, we will localize all electronic components of ultra-small electric vehicles to lead the domestic market and accelerate entry into the global market." He also predicted, "Collaboration with electric vehicle parts companies in the Gyeongbuk region and the resulting expansion will greatly contribute to the revitalization and growth of the automobile industry in the Gyeongbuk region."

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