LS Materials Launches Aluminum Parts Business for Electric Vehicles

Subsidiary HiMK, Gumi City Sign MOU for Investment in Electric Vehicle Materials

LS Materials is set to actively pursue its aluminum parts business for electric vehicles.

HAIMK, a subsidiary of LS Materials, announced on the 30th that it has signed a Memorandum of Understanding (MOU) with Gumi City, Gyeongbuk Province, regarding investment in aluminum materials for electric vehicles. HAIMK is a joint venture established last year by LS Materials and HAI, a global No. 1 company in aluminum parts for EVs based in Austria.

(From left) National Assembly member Gu Ja-geun, Gyeongbuk Province Deputy Governor for Economy Lee Dal-hee, HiMK CEO Jo Jeong-woo, Gumi Mayor Kim Jang-ho, and Gumi City Council Vice Chairman Jang Se-gu are taking a commemorative photo at the signing ceremony of the Memorandum of Understanding (MOU) on investment in aluminum materials for electric vehicles held at Gumi City Hall on the 30th. / Photo by LS Materials

The company plans to invest approximately 75 billion KRW in the Gumi National Industrial Complex to build a factory for aluminum parts for electric vehicles (EVs). Construction is scheduled to begin in April, with mass production of battery case parts planned to start in early 2025.

HAIMK stated, "The aluminum battery case market for EVs is dominated by three European companies, including HAI," adding, "Once the factory is completed, we will be the only domestic supplier capable of meeting the quality standards of finished car manufacturers."

HAIMK is expected to receive aluminum materials from its affiliate LS ALSCO. LS ALSCO is the only company in Korea holding the international aluminum alloy number (AA) and supplies high-strength aluminum new materials for EVs and wind turbines.

Hong Young-ho, CEO of LS Materials, said, "As the application of lightweight materials becomes increasingly important in electric vehicles, demand for aluminum parts is rapidly increasing," and added, "We plan to expand our portfolio of high-strength lightweight aluminum parts."

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