|LS Group Chairman Koo Ja-eun gives a congratulatory speech at the opening of the LS EV Korea Gunpo plant in Gyeonggi Province, Monday. Courtesy of LS Group|
By Kim Hyun-bin
LS Group Chairman Koo Ja-eun has selected electric vehicle (EV) parts and charging businesses to be future growth engines, as global demand for EVs is expected to show exponential growth in the coming years. LS Group plans to make active investments in the EV parts and charging businesses to accomplish its strategy.
"This year, after the third-generation transition to LS Chairman Koo Ja-eun, there has been an increase in new investments in future growth engines such as EVs and renewable energy," an LS Group official said. "The company is expected to grow even faster as changes to corporate culture and digital transformations are expected to produce better results."
Chairman Koo attended the LS EV Korea Factory Completion Ceremony held at the LS Knowledge Industry Center in Gunpo, Gyeonggi Province, Monday, and revealed its business strategy for the EV era. About 30 people attended the event, including Chairman Koo, LS Cable & System CEO Koo Bon-kyu, Executive Vice President of LG Energy Solutions Kim Dong-soo and LS EV Korea's major customers and partners.
LS EV Korea, a subsidiary of LS Cable & System mainly produces power supplies and sensors for EVs. It also supplies wiring, battery packs and energy storage system (ESS) parts. Its major customers include global automakers such as Volkswagen and Volvo.
The LS EV Korea Gunpo plant, which officially started operations on the same day, is a new building built on the site of LS Cable & System's central research center, and is equipped with state-of-the-art EV parts manufacturing facilities such as test labs and production lines.
"The EV and energy storage system (ESS) parts produced by LS EV Korea at the Gunpo plant are electric and power technologies that LS has strengths in and are now the new growth engines of the group and this will play a key role for the future," Chairman Koo said in his congratulatory speech. "LS EV Korea will play a leading role in the EV era by demonstrating its differentiated energy solution capabilities in specialized factories."
This year, a new corporation, LS E-Link, was established to build EV charging infrastructure in April. LS aims to use the company as a control tower for the EV business and consolidate the group's EV charging business capabilities.