Hwashin has won orders to supply components to Hyundai Motor Group for the Kona EV, Niro EV, Ionniq 5, and Genesis G80/60/EV6, TheElec has learned.
These car models are built based on Hyundai’s E-GMP platform for electric cars.
Hwashin said it was preparing to supply components for Ioniq 5, EV6, Genesis EV, JW, CE, and SG2.
Hwashin specializes in chassis. It relies on Hyundai Motor Group for 57% of its sales. It is, in effect, the exclusive supplier of chassis for E-GMP car models.
Hwashin posted 341.2 billion won in sales in the first quarter, an increase of 31% from a year prior. It posted 12.2 billion won in operating profit during quarter.
South Korean analysts expect the company to record 1.32 trillion won in sales and 52.5 billion won in operating income this year. This will be a rise of 21.6% in sales from a year prior and a return to profitability in terms of operating profit.
Hwashin relies on US for 28.2% of its sales, as of the first quarter.