M2N Reports Cumulative Q3 Sales of 58.4 Billion KRW... "Full-Scale Entry into Electric Vehicle Parts Business"

M2N announced on the 14th that its cumulative consolidated sales for the third quarter of 2023 reached 58.4 billion KRW, marking a 79.7% increase compared to the same period last year. Operating profit for the same period was 3.1 billion KRW, and pre-tax profit was 4.9 billion KRW.

In February of this year, M2N completed the acquisition and merger of the electric components division (Shinhan Electric), officially launching its electric vehicle parts business. The company analyzed that the growth in sales volume, alongside the expansion of the electric vehicle market, drove the performance growth.

M2N is aiming to increase sales through new electric vehicle parts developed based on its proprietary technology. Recently, it has been conducting joint technology research and development with first-tier suppliers of global electric vehicle manufacturers, raising expectations for continuous growth through new product development. An M2N representative stated, “We are targeting the completion of this research and development by next year, which we believe will lead to additional growth.”

Meanwhile, M2N is aggressively pursuing sales to overseas customers to expand its electric vehicle parts business. A company representative explained, “We are conducting technical sales efforts to supply M2N products to major automakers that hold significant shares in the global electric vehicle markets such as the United States, Europe, and China, and we plan to broaden our business scope to related fields in the future.”

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