Hyundai Engineering to absorb Korea EV Charging Service

Hyundai Engineering said it will absorb Korea EV Charging Service on Nov. 1 through a small-scale merger to strengthen its competitiveness in the electric-vehicle charging business.

Hyundai Engineering will remain the surviving company and Korea EV Charging Service will be dissolved. The merger ratio is 1 for Hyundai Engineering and 0.31 for Korea EV Charging Service, and Hyundai Engineering will issue 1.165 million new common shares.

Hyundai Motor is Korea EV Charging Service's largest shareholder, with a 43.5 percent stake, while Hyundai Engineering holds 7.6 percent. For the fiscal year ended in 2025, Korea EV Charging Service reported revenue of 19.2 billion won ($13.7 million) and a net loss of 6.23 billion won ($4.44 million).

After the merger, Hyundai Engineering will operate Korea EV Charging Service's slow- and fast-charging infrastructure in an integrated manner. The merger is intended to expand market share and improve competitiveness in the electric-vehicle charging business based on Korea EV Charging Service's experience in customer-service planning and charging-service platform operations.

Hyundai Engineering plans to increase the number of electric-vehicle chargers it installs from about 9,000 last year to more than 32,000 this year.