Woory secures Hyundai Wia as customer
Firm to supply its 3-way valve
Woory Industrial has secured Hyundai Wia as its customer, the company said on Wednesday.
The company signed a long-term contract to supply components for the heat management system in electric vehicles.
The deal is worth 21.7 billion won and last from 2023 to 2030.
Woory will be supplying its 3-way valves under the deal, a company spokesperson said.
The component is used to distribute cooling water within the vehicle.
Hyundai Wia in January this year developed a cooling water distribution and supply module for electric vehicles.
Besides 3-way valves, Woory will also be supplying its expansion valve, positive temperature coefficient (PTC) and e-compressor.
Earlier, the company had secured Hanon Systems as its customer as well.
The pair’s heat management system is to be used in Ioniq 5 and EV6.
Woory’s PTC is also expected to be supplied to Rivian, Tesla, BMW, Stellantis and Daimler.
Meanwhile, the company has recorded 215.3 billion won in revenue and 3.4 billion won in operating income up to the third quarter this year, an increase of 5.28% and 37.04%, respectively, from the same time period in 2020.