Continued orders from state-run automobile manufacturers
Selected as battery supplier for AVTOTOR
Local factory expansion for 100,000 units
ENERTECH INTERNATIONAL supplies electric vehicle batteries to AVTOTOR, Russia's largest automobile manufacturer. It is a battery volume of 100,000 electric vehicles. It will also push for the construction of additional factories in Russia due to increased orders for new finished cars.
AVTOTOR, Russia's largest automobile manufacturer, selected ENERTECH as the first electric vehicle battery supplier.
AVTOTOR is planning to release electric vehicles in 2024. Starting this year, it is speeding up the conversion of internal combustion engines to electric vehicles. AVTOTOR sold 250,000 cars in Russia last year, the largest sales ever among local Russian companies. In 1997, it started producing automobiles through the OEM method from overseas finished cars and is producing more than 40 OEMs overseas, including its brand, Hyundai Motors, Ford, and BMW. In line with Russia's ‘2030 Electric Vehicle Roadmap’, it is also planning to speed up plans for electricity such as Zeta Electric Vehicle (EV).
It is known that ENERTECH is to supply AVTOTOR 4 gigawatt hours (GWh).
It will supply 100,000 high-capacity batteries for electric vehicles. AVTOTOR has also decided to order additional supplies from ENERTECH in time for the release schedule of electric vehicles.
ENERTECH is a South Korean mid-sized battery manufacturer. It is currently supplying pouch batteries that make up the mainstream to global carmakers. Russian state-run nuclear power plant company ROSATOM is targeting the Russian electric vehicle market by acquiring about half of its stake.
ENERTECH is also seeking to expand its Russian plant under the New Year's order contract. It is also considering expanding its local plant or establishing a second plant. ENERTECH won the same battery order from Russia's state-run automobile manufacturer in the second half of last year.
ENERTECH plans to target the electric vehicle market based on its Russian plant. Russia has planned to fill more than 20% of the total automobile market with electric vehicles by 2030. The number of electric vehicles registered in Russia is 10,000, and it plans to raise more than 250,000 units by 2025 and more than KRW 2.3 trillion. ENERTECH's Russian plant is expected to focus on winning overseas electric vehicle battery orders by establishing a battery supply chain in Europe and adjacent regions.
Deok-geun Oh, CEO of ENERTECH INTERNATIONAL, said, "We plan to strengthen our targeting in the global electric vehicle market starting with the expansion of orders for electric vehicle batteries in Russia."
By Staff Reporter Ji-woong Kim (jw0316@etnews.com), By Staff Reporter Tae-jun Park (gaius@etnews.com)