LS Electric announced on Feb. 5 that it has held a completion ceremony for the Durango factory in Mexico of its electric vehicle component subsidiary, LS e-Mobility Solution.
The ceremony was attended by about 50 key figures, including Koo Ja-kyun, chairman of LS Electric; Kim Won-il, representative of LS e-Mobility Solution; and Yoo Seung-woo, head of LS e-Mobility Solution’s Mexican corporation.
The Durango factory is the first overseas factory built by LS e-Mobility Solution after it was spun off from LS Electric in April 2022. It spans an area of 35,000 square meters and has the capacity to produce 5 million electric vehicle (EV) power control devices and 4 million battery distribution units (BDUs).
LS e-Mobility Solution plans to strengthen partnerships with major North American automakers such as Ford and Stellantis, using its third production base, the Durango factory, as a stepping stone. Additionally, through further investment and production line expansion, it aims to achieve 700 billion won in North American sales and 1.2 trillion won in total company sales by 2030.
LS e-Mobility Solution has been securing consecutive order achievements in the expanding electric vehicle market. In August last year it also signed a contract to supply EV relays for electric vehicles worth 250 billion won with Hyundai and Kia, surpassing 1 trillion won in cumulative orders just one year after the spin-off.
Chairman Koo Ja-kyun said, “We expect significant results as LS e-Mobility Solution boldly secures a production base for attacking the world’s largest electric vehicle market, the North American market. We aim to grow into North America’s top electric vehicle component company and take charge of a key pillar of our future core business.”