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LS Cable & System has signed a deal with Austria’s Hammerer Aluminium Industries (HAI) to set up a joint venture for the production of electric vehicle parts and battery cases. The South Korean cable manufacturer will be investing a total of KRW67.5 billion or about $53.3 million for this JV.
LS Cable & System and HAI have a goal of starting the production of aluminum materials and parts for EVs in 2025. The EV component will be made with lightweight but highly durable aluminum.
As per The Korea Times, LS C&S and HAI’s team-up was announced late last week. They will put their respective expertise to use for the success of their joint venture. Their plan is to enter the global market for aluminum auto parts.
It was revealed that the LS Group, the parent company of LS C&S, is already supplying high-strength aluminum parts for Hyundai Motor and Kia models with internal combustion engines. But in this JV, the cable maker will be focusing more on making auto parts for EVs.
"We have sought to reform our business model by shifting our focus to renewable energies and EV-related businesses," Koo Bon Kyu, LS C&S’ chief executive officer, said in a statement. "As we expect the aluminum market to grow rapidly in line with the supply of EVs, we have increased our investments to dominate the market in advance."
In any case, The Korea Economic Daily reported that LS C&S’ investment is for the acquisition of a 100% stake in the LS-HAI joint venture. The amount of KRW67.5 billion is equivalent to 67,500,000 shares in the JV. On the other hand, HAI will acquire a 33.3% stake from LS Cable & System but the amount and date of acquisition were not divulged.
The companies expect their JV to earn around KRW200 billion by 2027, two years after their target start of production for aluminum components for EVs.
