Kumho HT to Establish Local Subsidiary in India... "Demand Expected to Increase with Expansion of Electric Vehicle Production"

Kumho HT is promoting the establishment of a local corporation in India to prepare for the demand for electric vehicle parts.

Automotive parts company Kumho HT announced on the 28th that it is actively pursuing the establishment of an overseas corporation to respond to the expansion of production and sales by global automakers in India.

The company is considering an investment of about 30 billion KRW for establishing a local corporation and securing production facilities in India. A local inspection has also been completed to check the factory site and infrastructure in the planned investment area. Kumho HT aims to complete the basic investment by November this year and start mass production and supply of products in 2024.

Last year, passenger car sales in India reached 4.57 million units, and passenger car production was 3.9 million units. The Indian government announced policies to expand electric vehicle production and promote demand, as well as related infrastructure expansion, to reduce carbon emissions and solve air pollution problems. It plans to achieve a 30% share of electric passenger car sales by 2030.

A company official said, "We have been rapidly promoting the establishment of a local corporation in line with the movements of global companies targeting the Indian market, which is considered a major battleground for electric vehicles. Based on our existing technological capabilities, we will lead the global electric vehicle parts market by meeting the sharply increasing demand for electric vehicle parts."

Kumho HT's largest shareholder is automotive electronics company Ecovolt, holding a 28.43% stake. Ecovolt recently recorded a turnaround to profitability in the second quarter of 2023 due to increased volume and improved performance.

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