DAEGU < invest Korea

According to Yonhap News,

Yulim Tech, a manufacturer of eco-friendly automotive parts, will expand its manufacturing plant by investing KRW 120 billion on a site of 42,703㎡ in the Daegu National Industrial Complex by June next year.

On May 22, Daegu-si announced that Yulim Tech signed an MOU on investment for the establishment of a future car parts manufacturing plant at the City Hall.

Yulim Tech, established in 2015, specializes in producing parts drive motors and integrated vehicle controllers, which are key parts of eco-friendly vehicles.

The company, since being selected as a partner of Hyundai Mobis in 2019, has recorded a rapidly increasing sales in line with the market expansion of eco-friendly car such as EVs and hybrid cars.

Yulim Tech expects to secure an additional 350,000 units of future vehicle housing production capacity per year in addition to the existing 650,000 units if the construction begins in September and is completed in June next year.

Daegu-si is endeavoring to foster the hub of motor production that will lead the global market through the establishment of the motor industry ecosystem by 2030, by centering on the Daegu National Industrial Complex, which was designated as 'Mobility Motor Materials, Parts, and Equipment Specialized Complex' in July last year.

Daegu's mayor said, "we hope this MOU will be an opportunity for Daegu to develop into a global city of future mobility."

duck@yna.co.kr

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Source: Yonhap News (May 22, 2024)