LS Cable & System establishes aluminum joint venture to expand EV parts business
Mass Production of Aluminum Parts for EVs Starting in 2025
[Asia Economy Reporter Kim Pyeonghwa] LS Cable & System is expanding its electric vehicle (EV) parts business by establishing a joint venture (JV) with a global aluminum company.
On the 10th, LS Cable & System announced that it signed a contract to establish an aluminum business JV with Austria's HAI at the LS Yongsan Tower in Seoul. HAI is the global leader in aluminum parts for EVs. It operates factories in four European countries including Austria and Germany, supplying products to Daimler and BMW.
LS Cable & System and HAI will combine their accumulated experience and technological capabilities in the domestic and European finished car markets to actively enter the aluminum parts market. With a total investment of 67.5 billion KRW, they will mass-produce high-strength lightweight aluminum parts for EVs such as battery cases starting in 2025. LS Cable & System expects the JV to achieve sales of approximately 200 billion KRW by 2027.
LS Cable & System CEO Koo Bon-gyu (left) and HAI CEO Rob Van Gils are taking a commemorative photo at the contract signing ceremony. / Photo by LS Cable & System
View original imageLS Cable & System has supplied high-strength aluminum parts for internal combustion engine vehicles of Hyundai Motor and Kia for several years. Taking this JV establishment as an opportunity, the company plans to shift and expand its business focus to EVs. LS Cable & System CEO Koo Bon-gyu said, “We are innovating our business model centered on promising businesses related to renewable energy and EVs,” adding, “We expect the aluminum market to grow rapidly alongside the spread of EVs and are increasing investments to secure market leadership.”
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LS Cable & System also anticipates synergy with its affiliate LS ALSCO. LS ALSCO is the only company in Korea that holds aluminum alloy numbers (AA). It supplies high-strength new aluminum materials for EVs and wind turbines.
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