EcoCap Shows Strength on News of Electric Vehicle Battery Parts Development with LG Electric

[Asia Economy Reporter Ji Yeon-jin] Ecocap is soaring more than 15% on the news that it will collaborate with LG Electric to develop parts related to electric vehicle batteries on the 9th.

As of 10:47 a.m. on the same day, Ecocap is trading at 8,870 KRW on the KOSDAQ market, up 15.49% (1,190 KRW) from the previous day.

Earlier, the company announced that on the 8th, it signed a business agreement with LS Electric at Ecocap's headquarters in Ulsan regarding the development and order acquisition of parts related to electric vehicles.

Ecocap, established in 2007, is a specialized manufacturer of automotive cables and electronic components. It is an automotive parts company specializing in the production of high-voltage cables dedicated to electric vehicles (EV), secondary battery components, electronic modular products, and electronic cable assemblies.

Under this business agreement, both companies are seeking opportunities to expand their business in the North American and global parts markets for battery-related components, which are emerging as core parts of electric vehicles.

An Ecocap official stated, "Through this agreement, we plan to focus our know-how on the electric vehicle battery parts business and electronic module components being developed. In particular, by supplying related parts through the Mexico plant completed in 2019, we will maximize competitive advantages in the North American region, where explosive growth is expected."

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