In June 2024 Kanematsu Corporation (hereinafter “Kanematsu”) signed a memorandum of understanding with South Korea’s EVAR Inc. (hereinafter “EVAR”) with the aim of jointly and actively promoting the expansion and sales of EVAR EV chargers in the Japanese and global markets.
Photo taken at the signing ceremony held in Kanematsu’s Tokyo Head Office in June
Right：Kanematsu/Motor Vehicles and Parts Dept. 1. general manager Koichiro Okamoto
Left：EVAR/Chief Executive Officer（CEO）Lee Hun
■ Background
In its Green Growth Strategy Though Achieving Carbon Neutrality in 2050 (2021), the Japanese government sets the following target: “For passenger vehicles, electrified vehicles will account for 100% of new vehicle sales by 2035.” Even though many believe that Japan is lagging behind compared to the global market that is rapidly transitioning to EVs, the percentage of EVs among new vehicle sales in Japan (passenger vehicles only) hit a record high of 2.22% in 2023. Efforts to spread charging infrastructure, which is essential for EVs, are similarly accelerating: in August 2023 the Japanese government announced it doubled its previous installation target of EV charge plugs for 2030 from 150,000 units to 300,000 plugs in line with global standards. As Japan had approximately 30,000 charging stations at the time of this announcement, there is a need to significantly ramp up installation efforts.
■ About EVAR
EVAR began as part of an internal venture program of South Korea’s Samsung Electronics and was spun off as an independent startup in 2018. Primarily engaging in development and manufacture of EV chargers, EVAR provides various products, such as regular chargers, quick chargers, and vehicle-mounted quick charger in South Korea and globally. Their products are characterized by the following three features:
(1) They are price competitive compared to EV chargers manufactured by competitors.
(2) They have unique additional functions, such as load-balancing technology that efficiently distributes limited power.
(3) Their manufacturing process is based on Samsung Electronics’ production efficiency/management system, allowing them to supply safe, reliable products.
Leveraging these strengths, EVAR has already installed around 30,000 regular chargers in South Korea. It has been South Korea’s top-selling brand for two consecutive years from 2022 to 2023, with an approximately 20% market share in both years.
The company has received international acclaim as well, winning a total of five awards in 2022 and 2023. These include the Innovation Award that is awarded to companies possessing innovative technologies and products in the Consumer Electronics Show (CES), one of the world’s largest technology and electronics trade fairs that is held annually in Las Vegas.
■ Memorandum of understanding
Leveraging the broad domestic and global connections we have developed over the years in the motor vehicles and parts business, as well as our extensive knowledge of the automotive industry, we will work as a partner to promote the expansion and sales of EVAR EV chargers in the Japanese and global markets. By contributing to EV charging infrastructure development in and outside Japan, we aim to advance decarbonization and sustainability through EV adoption.
One of our basic policies in the three-year medium-term management plan launched in April 2024, “integration 1.0,” is to become “a solution provider leading the transformation of efficient and sustainable supply chains,” with GX being a key area for the expansion of value proposition. Going forward, we will advance initiatives aimed at realizing a carbon neutral society together with our partner companies and stakeholders through developing EV charging infrastructure.
【EVAR Inc./Corporate Data】
| Official name | EVAR Inc. |
| Establishment | 2018 |
| Representative | Chief Executive Officer（CEO） Lee Hun |
| Address | 42, Changeop-Ro, Sujeong-Gu, Seongnam-Si, Gyeonggi-Do, Republic of Korea |
| Business Field | Development, manufacture, and sales of EV chargers |
| Web Site URL | https://www.evar.co.kr/ |
【Contact】
Public Relation Section, Kanematsu Corporation
Tel： +81-3-6747-5000 /en/inquiry/