[Asia Economy Reporter Jang Hyowon] Wellbiotech has completed the selection of a domestic production partner for electric vehicle chargers (EV chargers) and is set to actively promote the new Korean-style EV charger business.
Wellbiotech announced on the 29th that it has finalized the name of the Korean-style EV charger product as ‘EV LUCY’ and signed a production cooperation contract with Shino Electronics for full-scale product manufacturing.
Wellbiotech chose Shino Electronics as its domestic production cooperation partner due to their most proactive and smooth response during previous collaborations with EAST Group. In particular, Shino Electronics is an automotive parts company with extensive know-how in GUI (Graphical User Interface) and is a manufacturer specializing in PCB assembly and module assembly production for vehicle headlights, interior lights, and taillights. Their production plants operate two facilities in Ansan, Gyeonggi Province, one in Pyeongtaek, and one in Qingdao, China.
Shino Electronics possesses sufficient production capacity for EV chargers, and its Qingdao plant facilitates smooth information exchange with EAST Group, which is a strong advantage. It has also earned SQ certification from renowned domestic and international automakers, demonstrating quality innovation and reliability in the vehicle electrical and electronic sector.
With the completion of the production cooperation contract with Shino Electronics, Wellbiotech has secured a stable production base for three Korean-style EV charger models jointly developed with China’s EAST Group (7kw slow charger, 50kw fast charger, 100kw fast charger).
Wellbiotech plans to receive chargers and parts from EAST Group while attempting localization of some components. Shino Electronics will handle software development, parts assembly, and production. Wellbiotech intends to complete brand registration, licensing, and certification procedures for the H/W co-developed ‘EV LUCY’ product within this year and will carry out marketing and domestic and international sales activities.
As of 2020, China has the world’s largest electric vehicle market with a cumulative EV adoption of 4.5 million units, surpassing Europe’s total of 3.2 million units, leading to explosive growth and development in the EV charger market. EAST Group holds a diverse product lineup with verified safety in the Chinese EV charger market. Wellbiotech expects that cooperation with EAST Group will reduce trial and error in entering the new business and enable rapid product launches.
A company official stated, “We have invested a long time in negotiations and practical discussions with China’s EAST Group to promote the new business, and since the development of the Korean-style EV charger product is already in its final stages, the EV charger business will proceed rapidly. We plan to conduct KC certification for the EV charger next month and complete all certification procedures and public procurement item designation within this year.”
They added, “In addition to the products scheduled for release this time, we plan to develop various Korean-style EV charger products and introduce them to the domestic market.”
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