Sungwoo Automotive Co., Ltd. Business Report FY ended Dec. 2013

Business Highlights

Highlights in Recent Years

Financial Overview (Consolidated)

(in millions of won)
FY ended Dec. 31, 2013 FY ended Dec. 31, 2012 Rate of
change (%)
Sales 953,381 930,644 2.4
Operating income 36,951 55,086 (32.9)
Net income 16,153 31,539 (48.8)

Highlights by Division

New business
-In October 2013, the Company and the city of Jeonju in Jeollabuk-do signed an agreement, under which they will collaborate on promoting the development and commercialization of carbon composite products for automobiles. In accordance with this arrangement, Hyundai Sungwoo Automotive will carry out technical exchanges and joint development projects with the Korea Institute of Carbon Convergence Technology. If they succeed in the development program and the feasibility of the new product is confirmed, the company plans to open a new factory in 2017 or later and start mass-production of the new product. Hyundai Sungwoo Automotive’s development achievements include 14-inch wheels made from carbon composites for electric vehicles. The company also developed engine sub-frames by using a vacuum aluminum die-casting method. Since June 2013, the company and Korea Institute of Carbon Convergence Technology have been working on a joint project to develop carbon composite leaf springs. (From a press release on October 22, 2013)

Battery division
-In January 2009, the Company absorbed Hyundai Enercell Co., Ltd. (headquarters : Seoul), its wholly owned subsidiary for production and sales of automotive batteries.

Wheel division

-In August 2007, the Company established Longkou Sungwoo Automotive Co., Ltd., a wholly owned subsidiary, in Longkou City, Shandong Province, China to manufacture and sell automotive wheels. The new wheel facility is scheduled to be completed in September 2008.



-In October 2005, the Company and Asahitec Corporation of Japan concluded a technical agreement under which the Company can license-in Asahi Tec's technology.