Midcase·Housing Actuator Supply
SM Group's manufacturing affiliate SM Vexel will supply electric vehicle parts worth 14.5 billion KRW to Hyundai Motor Group.
On the 25th, SM Vexel announced that it signed a contract to supply electric vehicle drive parts, 'mid-case' and 'housing actuator,' worth 14.5 billion KRW to Hyundai Transys, a parts affiliate of Hyundai Motor Group.
This is the second supply contract SM Vexel has signed with Hyundai Transys this year. Earlier in January, it signed a contract to supply housing actuators for electric vehicle reducers installed in the Genesis GV90 and others, worth 7.3 billion KRW.
The parts supplied by SM Vexel this time are also expected to be supplied to 'SEEAR,' an electric vehicle company established by the Saudi Arabian Public Investment Fund (PIF), through Hyundai Transys.
Yu Byung-seon, CEO of SM Vexel's Automotive Division, said, "As a specialized company in automotive parts and batteries, our advanced research and development (R&D) and aggressive investment have borne fruit with this contract," adding, "We will continue to diversify our client base and accelerate our pursuit of the domestic and global electric vehicle parts markets."
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