[Special Stock] CTR Mobility, Saudi Minister's Sudden Visit... Expectations Rise for Local Electric Vehicle Parts Joint Venture

CTR Mobility is showing strong performance. This is interpreted as being influenced by the news that the Saudi Arabian Minister of Industry and Mineral Resources personally visited the affiliated company CTR.

As of 9:10 AM on the 14th, CTR Mobility is trading at 14,530 KRW, up 6.84% compared to the previous day.

On the previous day, Bandar Al-Khorayef, Saudi Minister of Industry and Mineral Resources, met with LS Chairman Koo Ja-eun and HD Hyundai Vice Chairman Chung Ki-sun before visiting CTR as the final schedule. It is considered unusual for a Saudi minister to personally visit a mid-sized domestic company.

The visiting delegation included not only Minister Al-Khorayef but also Prince Sultan Al-Saud, President of the Saudi Industrial Development Fund, and Saad Al-Khalb, Chairman of the Saudi Export-Import Bank. The Ministry of Industry and Mineral Resources delegation visited CTR to discuss current issues and corporate support measures for establishing a local joint venture for automotive parts in Saudi Arabia.

They discussed support measures with the National Industrial Development Center (NIDC), which oversees incentives and tax benefits, and reportedly discussed the establishment of the joint venture with related organizations such as the Saudi Arabian Public Investment Fund (PIF).

CTR is a global automotive parts company producing suspension and steering products within the CTR Group. It is an affiliated company of CTR Mobility, which is listed on the KOSPI. As of 2022, electric vehicle-related sales accounted for 45% of total revenue, making it a leading company in the eco-friendly future mobility sector.