LS Group signs MOU with China's Dongfeng Motor on e-car development

LS Group said it signed a memorandum of understanding (MOU) with China's Dongfeng Motor Group to develop parts and systems for electric vehicles and hybrid cars.

The signing took place at the LS Tower in Anyang, Gyeonggi Province, on Wednesday, the South Korean conglomerate said.

Under the deal, four affiliates of LS Group will work with the Chinese carmaker for the development of power trains, energy storage system, recharging system and other components used for electric vehicles and hybrid cars.

The LS Group affiliates, which will participate in the development of electric vehicles and hybrid cars, are LS Industrial System, LS Cable, LS Mtron and Daesung Electric.

Established in Wuhan, Hubei Province, in 1969, Dongfeng with total assets of 25 trillion won has about 140,000 employees.

Its output reached 3.08 million vehicles last year. Dongfeng ranked second in China with a market share of 30.5 percent, after Shanghai First Motor Group.

By Josephine Liu Yan Yee

Park Sae-jin swatchsjp@ajunews.com