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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.