Hyundai Engineering to absorb EV charging provider

Hyundai Engineering said it will absorb Korea Electric Vehicle Charging Service on Nov. 1 to strengthen its EVC business.

Hyundai Engineering will remain as the surviving entity, while Korea Electric Vehicle Charging Service, which builds EV charging infrastructure and provides charging services, will dissolve.

"After comprehensively considering the growth potential of the EV charging business, business synergies and operational efficiency, we determined that an absorption merger by Hyundai Engineering was the most reasonable approach," a Hyundai Engineering official said.

Hyundai Engineering will issue 1.165 million new common shares at a merger ratio of 0.31. Hyundai Engineering's per-share valuation was 58,101 won ($42), compared with 18,200 won ($13) for Korea Electric Vehicle Charging Service.

Korea Electric Vehicle Charging Service had total assets of 38.5 billion won ($27.6 million) at the end of 2025. It recorded revenue of 19.2 billion won ($13.8 million) and a net loss of 6.23 billion won ($4.47 million) that year.

The merger will combine Hyundai Engineering's charging-facility construction, operation and maintenance with Korea Electric Vehicle Charging Service's customer-service and platform operations, based on about 240,000 members and 4,000 charging facilities.

Hyundai Engineering plans to develop an in-house integrated charging platform and expand charging facilities. The company has set a goal of becoming South Korea's No. 1 EV charging business.

The company said registered EVs in South Korea passed 1 million on April 15, 2026. EVs accounted for 23.2 percent of new-vehicle purchases in the first half of 2026.