[Featured Stock] Codaco Expands Major Shareholder Stake... Growth Expected with Electric Vehicle Parts Supply Expansion

[Asia Economy Reporter Hyungsoo Park] Kodaco's stock price is on the rise. News that the largest shareholder's stake has increased appears to have influenced the stock price.

At 10:45 a.m. on the 26th, Kodaco was trading at 1,645 won, up 18.77% from the previous day.

Kodaco, an aluminum die-casting automotive parts supplier, announced that Mr. In Seong-wook purchased 205,673 shares (0.53%) of Kodaco stock on the market between the 19th and 22nd. Mr. In Seong-wook is considered a special related party of CEO In Gwi-seung, the largest shareholder. The largest shareholder's stake increased from 17.63% to 18.16%.

Despite the trading suspension period, Kodaco steadily prepared for future growth by expanding new business channels. Starting at the end of this month, it will begin mass production of battery electric vehicle parts through Borg-Warner. It will supply five types of parts ? housing case, housing end cover, cover gear, housing support, and bracket ? to Borg-Warner's Mexico plant for Ford's new battery electric vehicle (BEV).

In Gwi-seung, CEO of Kodaco, said, "There were many difficulties due to the suspension of stock trading over the past year," but added, "This achievement is meaningful as it was accomplished through continuous development with the belief that normalization would definitely be possible."

He also expressed confidence, saying, "We are also developing products for various customers' orders, and continuous performance improvement will be achieved going forward."

Kodaco has focused for several years on developing eco-friendly automotive parts such as for hybrid and electric vehicles and establishing a supply system. Through Hanon Systems, it supplies electric compressors for Hyundai and Kia electric vehicles. It also supplies GM's OBCM (On Board Charger Module) and electric compressors through LG Electronics, as well as electric vehicle steering parts for Tesla and GM through Mando. The supply volume related to eco-friendly vehicles is gradually increasing in line with the expansion of the eco-friendly vehicle market.