LS Electric Cable subsidiary and German VAC partner to supply neodymium magnets to finished car manufacturers = South Korean report

LS Eco Advanced Materials, a subsidiary of South Korean wire giant LS Wire, recently signed a memorandum of understanding with Germany's VAC (Vacuum Schmerz), which is involved in magnetic materials-related business, to establish a joint venture.
announced that they had signed an MOU. The two companies will establish a joint venture by the end of the year to supply 1,000 tons of neodymium magnets annually to vehicle manufacturers starting in 2027.
According to LS Electric Wire, there are only about 10 manufacturers of neodymium magnets for electric vehicles (EVs) in the world, excluding China.
Representative Lee Sang-ho, who concurrently serves as the representative of LS Eco Advanced Materials and LS Eco Energy (formerly LS Cable Asia), said, ``LS Eco Energy is
It is expected that the company will be able to supply neodymium magnets from China. The company is also considering establishing a rare earth factory in Vietnam. Based on non-metal refining technology using LS wires, we are working with affiliated companies to develop rare earth value chains.
``We will build a new market.'' As the EV market grows, demand for neodymium magnets is also rapidly increasing. According to the industry, demand for neodymium itself will grow from 150,000 tons per year to 400,000 tons by 2030.
It is expected that this will more than double as the number of people increases. Prior to this, LS Eco Advanced Materials was established in 2022 through the physical separation of LS Electric Wire's winding wire (copper wire) business. Hyundai/Kia Motors E
We supply coil windings for drive motors for V, and our share in the Korean market is over 70%.