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Hanon Systems to Launch New Manufacturing Site in Korea
SEOUL, Korea, March 2, 2021 – Global automotive supplier Hanon Systems (KS: 018880) today announced it began construction on its fifth plant in Korea.
The new plant, located in Naengcheon-ri, Oedong-eup, Gyeongju-si, will be built on a site that offers approximately 33,000 square meters (approximately 335,000 square feet) of land. Construction of the Gyeongju facility is expected to be complete in the second quarter of 2021 with production expected to begin in the third quarter.
The facility will produce a range of solutions including heat pump modules and coolant valve assemblies to support electric vehicles for the Genesis brand and Ioniq 5 model of the Hyundai Motor Group. The company expects the Gyeongju facility will supply eco-friendly solutions on approximately 300,000 electric vehicles by 2024.
“Hanon Systems has a proven track record supplying heat pump system components and is in serial production supporting various manufacturers of eco-friendly vehicles,” said Min Sung, president and chief executive officer of Hanon Systems. “We are pleased to launch this new facility, which will support the industry’s shift toward electrification with solutions that improve electric vehicle driving range, particularly in winter conditions.”
In 2020, solutions for eco-friendly vehicles accounted for more than 75 percent of the company’s new business wins.
The new facility in Gyeongju joins the four existing Korea manufacturing operations located in Daejeon, Pyeongtaek, Ulsan and Asan.