Mass production start of MHU, gateway, etc.
The largest since its establishment... Expecting more orders
70% of domestic V2X market share 'No. 1 in the nation'
ADAS self-developed… Promoting locali
ESSYS will supply hundreds of billions of KRW worth of vehicle parts to Vietnamese electric vehicle company VinFast. This is the largest order since its establishment. ESSYS announced on the 8th that it had signed a contract to supply MHU (Multimedia Head Gateway) parts that control vehicle media and gateway, a communication connection part, with VinFast, and started mass production. It is a large-scale project worth hundreds of billions of dollars over 4-5 years. VinFast is an automobile subsidiary of Vietnam's largest company, Vingroup. ESSYS was officially registered as a VinFast primary supplier cooperation vendor. It is expected that the number of vehicle models and additional product orders will proceed in the future.
ESSYS is a company specializing in wireless communication equipment for vehicles. Since its establishment, ESSYS has been recognized for its unrivaled technological prowess, and has generated stable sales as a supplier to Hyundai Motors and Kia. For the past 15 years, sales have grown steadily at a rate of 15% per year.
In the field of vehicle to everything communication (V2X), ESSYS is ranked first in Korea with a market share of 70%. It is also promoting localization by developing its own advanced driver assistance system (ADAS) radar. Yong-beom Kim, CEO of ESSYS, said, “As domestic and foreign references are accumulating, sales growth is exponential, and we are expanding to the 3rd plant in Saemangeum, Gunsan. This year, we plan to achieve KRW 240 billion in sales, up 85% from the previous year.”
ESSYS will supply 3G and LTE modems that supply to Tesla to Titan, a French telecommunication electronics company. It will also supply autonomous driving level 4 modems to Motional, a joint venture of Hyundai Motor Group for autonomous driving. It also plans to win orders for self-driving robot taxi main board and sensor cleaning. CEO Kim said, “The automobile industry needs an average of five years from R&D to mass production and supply until results are achieved. Essys will expand production facilities and recruit professional manpower in order to become a ‘company with KRW 1 trillion sales' by 2025.”
ESSYS plans to go public in 2024. The goal is to localize many of the key parts for vehicles that have been dependent on foreign products, and to grow into a global electric vehicle company in the autonomous vehicle market.
By Staff Reporter So-ra Park (srpark@etnews.com)