[THE INVESTOR] Interbulls, South Korean firm that manufactures printed circuit board, has acquired majority stake of a local startup to launch a new electric vehicle business, local news reported on Aug. 23. 

Interbulls and Korea Construction Robot signed an agreement to establish For En, a new EV research and design company that will be headquartered in Jejudo, beginning in September. 

“We will establish For En and utilize Korea Construction Robot’s superb researchers and development infrastructure,” an official from Interbulls said.
In July, Interbulls officiallly entered the electric vehicle business by recruiting experts into its newly formed EV unit, in an effort to secure new growth engine and strengthen competitiveness in the industry, the company said. 

Interbulls, formerly known as Seho Robot, was founded in 1993 and is based in Ansan, Gyeonggi Province.

By Ahn Sung-mi (sahn@heraldcorp.com)