South Korean camera module manufacturer Cammsys is out to carve out a share of the quickly-growing small-sized EV market, according to the company at a shareholders’ meeting on Mar. 27.
On this day, the company passed an internal regulation allowing it to sell cars.
“Due to the coronavirus, consumers are increasingly opting for more personalized transportation, which will invariably lead to more consumption for small-sized EVs suitable for daily commutes,” said Park Young-tae, CEO of Cammsys on Mar. 27.
Park stressed that the segment makes sense for Cammsys, which already possesses the technology for producing smaller EVs that must satisfy the government’s 600kg weight-limit. The ceiling for freight EVs is 750kg. In August 2019, Cammsys had launched its indigenously-developed Cevo-C – a four-wheeler for two weighing in at 590kg.
“Cammsys is capable of producing both light-weight passenger EVs and freight EVs,” said Park.
Outside of Korea, Cammsys is targeting Southeast Asia and Eastern Europe as potential markets. Cevo-C can be plugged into all 220V sockets available in countries such as Vietnam.
Meanwhile, Park also said the company’s Chinese operations are likely to return to normal in April as the coronavirus situation is subsiding on the mainland.
In 2020, Cammsys is aiming to post sales of around KRW 900 billion by growing up to 35% on-year. Currently, smartphone camera modules account for 98% of the firm’s revenues.
The Elec is South Korea’s No.1 tech news platform.