Tesla Model 3

Tesla Model 3

Tesla Model 3

Tesla Model 3

Mando Corporation of South Korea is reportedly in talks with Tesla Motors to supply parts for the Model 3.

That's according to an industry source who says multiple South Korean firms will be supplying components for Tesla's upcoming electric car.

Eim Eun-young, an auto analyst at Samsung Securities stated:

"Tesla is turning to South Korean parts makers, which are more cost-competitive than Japanese rivals, as the electric car startup plans to drastically cut costs for the cheaper Model 3."

Automotive News says that Mando's specialties include "steering, brake and suspension parts" and notes that Mando "currently supplies steering racks for Tesla's Model S vehicles."

It's not clear what parts Mando will supply for the Model 3, but a Tesla spokesperson did deny rumors that Mando would provide autonomous-drive related hardware/technology.

Automotive News adds:

"Mando has two U.S. factories in Alabama and Georgia that supply Hyundai Motor Co., General Motors and Fiat Chrysler."

Both LG Display and Hankook Tires are among the confirmed South Korean suppliers for the Model 3.

Source: Automotive News