DAEGU < invest Korea

According to Yonhap News,

On March 28, the Ministry of Trade, Industry and Energy (MOTIE) announced Valeo Mobility Korea, a foreign-invested company, held a completion ceremony of its self-driving parts production plant at the Daegu National Industrial Complex.

France's Valeo is considered a global leader in the auto parts industry, and has been steadily investing in Korea for more than 35 years since it made its first joint venture investment in a domestic company in 1988.

The cumulative investment amounts to USD 485 million, with 11 business sites in Korea in operation, including joint ventures.

Valeo has been pushing for the establishment of a factory to produce key parts for future vehicles including self-driving sensors and image recognition cameras for vehicles in the Daegu National Industrial Complex, since deciding on this investment worth USD 56 million in 2022.

The government expects that Valeo to strengthen its supply chain by establishing a domestic production base for key components of future cars, hire 110 new employees, and achieve annual sales of USD 200 billion in the future car sector through this investment.

wise@yna.co.kr

Source Text

Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.

Source: Yonhap News (March 28, 2024)