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Biz News Korea(Eng)
Hwashin to invest $176 mn to build EV chassis components plant in Georgia
- Collected
- 2023.11.02
- Distributed
- 2023.11.03
- Source
- Go Direct
![[Courtesy of Hwashin]](https://pulsenews.co.kr///file.mk.co.kr/meet/neds/2023/11/image_readtop_2023_842742_16989134825687741.jpg)
[Courtesy of Hwashin]
The company plans to employ 460 individuals for the plant that will begin production in 2025.
The planned manufacturing facility in Georgia has been granted GRAD certification, the first in the state.
GRAD certification is awarded by the state government to prepped sites that have undergone evaluations related to power infrastructure and environmental considerations, ensuring swift construction readiness.
The chassis components produced at this plant will be supplied to Hyundai Motor Co. and Kia Corp. factories in the U.S.
Hwashin, headquartered in Yeongcheon, North Gyeongsang Province, specializes in the production of chassis and body parts, serving clients including Hyundai Motor, Kia, and original equipment manufacturers (OEMs) worldwide.
Since its establishment in 1975, Hwashin has expanded its production facilities across Asia, South America, and the U.S.
The company set up a factory in Greenville, Alabama, in 2003, and has since expanded to employ 750 staff.
Over the next five years, Hwashin is poised to receive a $9.2 million income tax credit from the state government.
“Based on our collaboration with Laurens County in Georgia, we aim to create a future global city with a focus on EVs,” said Hwashin CEO Chung Seo-jin.
By Yang Yeon-ho and Minu Kim
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