Domestic automotive parts specialist Woosoo AMS Co., Ltd. (066590) announced that it has secured approximately 20 billion KRW in sales with Volkswagen through 2026. A company representative stated, “This order is for supplying parts to Volkswagen Group’s electric vehicle dedicated platform, ‘MEB,’” and added, “Since the first export in 2019, we have been expanding production facilities from September 2020 to supply additional volumes.”
The parts supplied to Volkswagen are differential case components installed on the electric vehicle MEB platform. Volkswagen’s ‘MEB’ platform, launched as part of its electric vehicle popularization strategy, is highly regarded for being optimized in terms of performance, design, and space specifically for electric vehicles. It is compatible with sedans, SUVs, and vans, and the range of applicable models is expected to expand gradually. Currently, it is applied to electric vehicle models ‘id3’ and ‘id4,’ and it is also planned to be used in AUDI’s hatchback electric vehicles, further broadening its scope.
In an interview, Volkswagen announced plans to increase production volume using the MEB platform to 15 million units in the future. Accordingly, Woosoo AMS Co., Ltd.’s sales are expected to continue growing steadily. This is confirmed to be due to the increase in expected supply volumes driven by global eco-friendly vehicle (electric vehicle) dissemination policies and the expansion of applicable models for the ‘MEB’ platform.
Currently, Woosoo AMS Co., Ltd. has established a supply line for 250,000 units as of 2020 and is expanding the line to supply 390,000 units in 2021 and 550,000 units in 2022. A Woosoo AMS Co., Ltd. representative stated that the annual volume plan recently received has increased significantly compared to the volume at the time of contract, rising about 1.5 times from 370,000 units to 550,000 units based on 2022 volumes.
Kim Sun-woo, CEO of Woosoo AMS Co., Ltd., commented on Volkswagen sales, saying, “This is seen as a result of being recognized for high technological competitiveness in electric vehicle parts, and we will devote all efforts to R&D investment and sales activities to secure orders for electric and hydrogen vehicle-related parts from overseas automakers continuously.”
Meanwhile, Woosoo AMS Co., Ltd. has secured new growth engines by incorporating TMM, a company that succeeded in domestic development of micro electric vehicles and core parts such as motors and inverters, as a subsidiary in December last year to prepare for the paradigm shift in the future automotive industry. Along with efforts to increase market share in the existing automotive market, the company is also racing to develop technologies for the next-generation automotive market, raising expectations for Woosoo AMS Co., Ltd.’s leap as a global automotive parts specialist.
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