ID :
183707
Mon, 05/23/2011 - 04:52
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Shortlink :
https://oananews.org//node/183707
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LS Industrial breaks ground for electric car parts plant
SEOUL (Yonhap) - LS Industrial Systems Co., a leading South Korean manufacturer of electric components, said Monday that it started construction of a new local plant for a key component for hybrid electric vehicles.
The plant in Cheongju city, 137 kilometers south of the capital city, will produce a component called "electric vehicle relay" or "EV Relay," which supplies energy from car batteries to power trains, the company said in a statement.
The company plans to spend 31.4 billion won on the plant, which is scheduled to be completed during the first quarter of 2012.
The Cheongju plant will help the company ramp up EV Relay production to 1 million units next year from 100,000 units, LS said.
LS Industrial plans to invest 54.5 billion won (US$50.4 million) through 2014 in the electric car solution area in an effort to tap the fast growing hybrid electric vehicle market.
"We won 150 billion won worth of orders in the electric vehicle solution area last year and we plan to win 400 billion won in contracts this year," said a company official. "We will meet the 1 trillion won order target by 2013."
The global market for environmentally friendly vehicles is expected to top 1.2 million units by 2020 and the EV Relay market will grow 26 percent annually to 1.7 trillion won in 2020, according to data provided by LS Industrial.
The plant in Cheongju city, 137 kilometers south of the capital city, will produce a component called "electric vehicle relay" or "EV Relay," which supplies energy from car batteries to power trains, the company said in a statement.
The company plans to spend 31.4 billion won on the plant, which is scheduled to be completed during the first quarter of 2012.
The Cheongju plant will help the company ramp up EV Relay production to 1 million units next year from 100,000 units, LS said.
LS Industrial plans to invest 54.5 billion won (US$50.4 million) through 2014 in the electric car solution area in an effort to tap the fast growing hybrid electric vehicle market.
"We won 150 billion won worth of orders in the electric vehicle solution area last year and we plan to win 400 billion won in contracts this year," said a company official. "We will meet the 1 trillion won order target by 2013."
The global market for environmentally friendly vehicles is expected to top 1.2 million units by 2020 and the EV Relay market will grow 26 percent annually to 1.7 trillion won in 2020, according to data provided by LS Industrial.
