LS Materials to build aluminum parts plant for EVs

[Courtesy of LS Materials]

LS Materials Co. is expected to engage in the aluminum battery parts business for electric vehicles (EVs) amid growing demand for green cars.

HAIMK, a joint venture established by LS Materials and Australia-based Hammerer Aluminum Industries (HAI) in 2023, announced Tuesday that it inked a memorandum of understanding (MoU) with the Gumi city on the investment to build an aluminum parts factory for EVs.

Under the agreement, HAIMK will invest 75 billion won ($56.3 million) in building an aluminum parts factory for EVs in the Gumi National Industrial Complex.

Construction will begin in April 2024. The plant will be responsible for production of parts for battery cases from early 2025.

Aluminum will be offered by LS ALSCO, the country’s sole supplier capable of meeting automakers’ quality standards.