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LS Materials to pursue EV battery parts business in earnest 2024-01-30

Photograph) A scene of officials taking a commemorative photo at the signing ceremony for the ‘Memorandum of Understanding (MOU) on Investment in Aluminum Materials for Electric Vehicles’ held at Gumi City Hall on the 30th. From left, National Assembly Member Koo Ja Keun, Gyeongbuk Province Economic Vice Governor Lee Dal Hee, HAIMK CEO Jo Jeong Woo, Gumi Mayor Kim Jang Ho, and Gumi City Council Vice Chairman Jang Se Goo

■ HAIMK, a subsidiary of LS Materials, to begin construction of factory in Gumi City in April and mass production in early 2025.
■ Producing high-strength parts for battery cases through technical partnership with global leader

LS Materials is pushing ahead with its aluminum parts business for electric vehicles.

HAIMK (CEO: Jo Jeong Woo), a subsidiary of LS Materials, announced on the 30th that it had signed a ‘Memorandum of Understanding (MOU) on Investment in Aluminum Materials for Electric Vehicles’ with Gumi City, Gyeongsangbuk-do.

HAIMK will invest approximately 75 billion won in the Gumi National Industrial Complex to build an aluminum parts factory for electric vehicles. The company plans to begin construction in April and produce battery case parts starting in early 2025.

HAIMK is a joint venture established in 2023 by LS Materials and HAI of Austria, the global leader in aluminum parts for electric vehicles. HAI supplies its products to European electric vehicle makers such as Daimler and BMW.

An official from the company said, “The aluminum battery case market for electric vehicles is dominated by three European companies, including HAI,” adding, “Once the factory is completed, we will be the only company in Korea to supply products that meet the quality standards of automakers.”

Hong Young Ho, CEO of LS Materials, said, “As the application of materials for lightweighting in electric vehicles becomes more important, the demand for aluminum parts is rapidly increasing,” adding, “We plan to expand our high-strength, lightweight aluminum parts business.”

Kim Jang Ho, mayor of Gumi City, said, “We will provide as much administrative and financial support as possible so that HAIMK can become a representative company in the fields of materials, parts, and equipment for future cars.”

HAIMK plans to get aluminum materials from its affiliate, LS Alsco. LS Alsco is the only Korean company to hold an international aluminum alloy number (AA), and it supplies new high-strength aluminum materials to electric vehicles and wind power generators.