LS Cable & System (CEO Myung Noh-hyeon) announced on Monday that the company has become the sole supplier of magnet wire that will be used for traction motors of Hyundai Motor Company’s electric vehicle (EV) “Ioniq 5” and Kia Motors’ EV “EV6”.
Magnet wire is a copper wire that has insulating materials coated on it. It is coiled around a traction motor and converts electricity into mechanical energy.
LS Cable & System succeeded in development of high-efficient and high-voltage magnet wire that uses high-functional insulating materials. The company expects that it will be able to make about $180 million (200 billion KRW) in sales within the next years by supplying magnet wires that can be used at 800 voltage to Hyundai Motor Company and Kia Motors.
“We believe that this supply of magnet wires, which are still in the early stage of commercialization, will be an opportunity for us to grab an upper hand in the market for high-voltage electric wire used for EVs.” said a representative for LS Cable & System.
The company has been supplying magnet wires that can be used at 400 voltage to GM since 2016 for GM’s Chevrolet Bolt EV and it is also in a discussion with GM regarding development of high-voltage magnet wire for EV.
“Traction motor and battery are the two most important parts of an EV.” said CEO Myung. “We are pushing magnet wire and other relevant parts that play a role of “vessels” of traction motor and battery to be our new growth engines as we believe that they will also make a rapid growth.” According to the company, the global market for magnet wire for EVs is expected to grow six times compared to the market’s current worth.
Staff Reporter Kim, Jiwoong | jw0316@etnews.com