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Biz News Korea(Eng)
S. Korea’s iA sets up JV in chip and module part for EV in China
- Collected
- 2017.12.27
- Distributed
- 2017.12.28
- Source
- Go Direct
iA Chairman Kim Dong-jin (second from left in the front row) is signing a contract to set up a joint venture at Zhangjiagang Economic and Technical Development Zone in China with Zhangjiagang City and Datang Telecom Investment.
iA will put up 10.8 billion won ($10 million) for a 10 percent stake in the JV, and its subsidiary Trinno Technology another 37.8 billion won for a 35 percent stake.
iA is a fabless company principally engaged in the designing semiconductor and modules for vehicles. The company supplies chips and modules to via Hyundai Mobis, which distributes the parts to Hyundai Motor and Kia Motors. The two made up 85 percent of the company’s revenue.
The new JV will focus on power semiconductor and modules for electrical vehicles. China is the world’s biggest supplier and market of EVs, taking up 70 percent of global sales. About 64,000 EVs were made, and 61,000 units sold in China as of November this year.
iA is closely connected to the Hyundai Motor Group. Its chairman Kim Dong-gin headed Hyundai Motor from 2001 to 2008 and also was vice chair to Hyundai Mobis.
By Lee Seung-hoon and Lee Ha-yeon
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