Samgi EV to Pursue KOSDAQ Listing... "Entry into North American Market"

Published 30 Oct.2022 21:38(KST)

[Asia Economy Reporter Hyungsoo Park] Battery component manufacturer Samgi EV is officially entering the process of listing on the KOSDAQ. Samgi EV has received preliminary approval for KOSDAQ listing from the Korea Exchange.

Founded in October 2020, Samgi EV develops and produces high-quality aluminum parts for electric vehicle battery modules based on high-vacuum die-casting technology. To enhance the safety of electric vehicle batteries, it holds the number one domestic market share for the ‘End-plate’ product, which protects against external shocks and suppresses the expansion of internal cells.

The End-plate products produced by Samgi EV are currently supplied to global automakers such as Porsche, Volkswagen, and Ford through LG Energy Solution, and are incorporated into various electric vehicle platforms.

Samgi EV achieved sales of 116.9 billion KRW last year. Despite rising raw material costs and logistics disruptions, it recorded an operating profit of 7.4 billion KRW. According to Samgi EV, even amid a shrinking automotive market due to the Ukraine war and other factors this year, stable sales generation and profit growth are expected to increase further, driven by the global rise in electric vehicle demand.

Following the implementation of the U.S. Inflation Reduction Act (IRA) in August, which accelerated the entry of Korea’s battery Big 3 into the North American market, Samgi EV is pursuing entry into the U.S. market. The company explained that it plans to establish a local factory in the U.S. to secure production capacity (CAPA) and target global battery cell makers that have entered the North American market.

A Samgi EV official stated, "The electric vehicle battery sector is developing at a rapid pace," adding, "The required technological capabilities are also very high in this industry." He further said, "Through the listing, we will leap forward as a global electric vehicle battery component company."