The stock price of Seojin Automotive, an eco-friendly transmission specialist automotive parts company, is on the rise. The news that it will supply rotor shafts to the U.S. electric vehicle company R appears to be influencing the stock price.
As of 2:30 PM on the 25th, Seojin Automotive is trading at 3,945 KRW, up 9.58% from the previous day.
On this day, Seojin Automotive announced that it had signed a rotor shaft supply agreement with POSCO International. The contract size is 36.2 billion KRW, which corresponds to 22% of last year's separate basis sales.
The rotor shafts will be applied to two main models of R's vehicles. Seojin Automotive is also discussing additional supply of electric vehicle parts with POSCO International and R.
A Seojin Automotive official said, "Our quality and technology for electric vehicle parts have been recognized by a major overseas electric vehicle company," adding, "It is meaningful in that we have grown into a specialized eco-friendly automotive parts company."
CEO Go Manyoon stated, "With the 2022 orders of 1.1627 trillion KRW for hybrid dampers and rotor assemblies and this year's 2023 electric vehicle rotor shaft contract, Seojin Automotive has officially transitioned into a specialized eco-friendly vehicle parts company." He added, "We will strive to increase sales and improve profitability through electric vehicle reducers and other products."
Seojin Automotive recorded consolidated sales of 2.0936 trillion KRW and an operating profit of 43.4 billion KRW last year.
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