Geyang Electric "Focusing on Developing BLDC Motors Optimized for Electric Vehicles"

[Asia Economy Reporter Hyungsoo Park] Gyeyang Electric, a specialized manufacturer of power tools and automotive motors, has resumed stock trading following the Korea Exchange's decision to maintain its listing.

On the 21st, the Korea Exchange announced that the Corporate Delisting Committee decided to maintain Gyeyang Electric's listing. This comes about five months after trading was suspended on February 15 due to embezzlement by a Gyeyang Electric employee. In April, during the review of eligibility to maintain listing, Gyeyang Electric was granted an improvement period. The company explained that efforts to enhance internal control systems and corporate governance enabled the prompt resumption of trading.

CEO Lim Young-hwan of Gyeyang Electric stated, “We sincerely apologize and thank the shareholders who waited for the resumption of stock trading. With a renewed mindset, we will accelerate the implementation of this year’s business plans and do our best to repay with high growth.”

Gyeyang Electric plans to focus on developing BLDC motors to expand its electric components business and aims to drive performance growth by expanding the global market for automotive motors. The BLDC motors developed by Gyeyang Electric are next-generation motors optimized for electric vehicles or autonomous vehicles. Given the recent surge in demand for electric and autonomous vehicles, the utilization of BLDC motors is expected to increase significantly.

The company is concentrating on full-scale entry into the global market beyond the domestic market. It plans to actively conduct sales activities targeting global manufacturers for its existing core products, electronic parking brake (EPB) motors and electric tilt and telescopic (ETT) motors.