Mediatech Signs 4 Billion KRW Contract with Tesla to Establish Electric Vehicle Battery Manufacturing Facility

[Asia Economy Reporter Hyunseok Yoo] MediaTech announced on the 21st that it has signed a contract worth 4 billion KRW to establish secondary battery manufacturing facilities with Tesla, an electric vehicle manufacturer.

Tesla has been the world's leading company specializing exclusively in electric vehicles since 2018 and remains the undisputed number one in electric vehicle sales to date. A MediaTech official stated, "We believe that the company's efforts, which have been devoted to R&D, have been recognized through this manufacturing facility establishment contract."

MediaTech plans to complete preparations for the secondary battery manufacturing facilities contracted with Tesla by May and begin construction at Tesla's electric vehicle production base in California, USA, starting in July this year.

The company relocated and expanded its manufacturing line and technology research center to the Megapolis Industrial Complex in Chungju City at the end of last year. This is because orders that cannot be handled by the existing Guro production line continue to come in to supply manufacturing equipment to US GM, and assembly equipment to SK Innovation, Samsung SDI, and Apple in the US.

MediaTech recorded sales of 5.9 billion KRW in 2018 and 11 billion KRW last year. CEO Kim Younghwan said, "We will continue to strengthen personnel and invest in the R&D sector to be recognized for our technology with the best quality," adding, "Based on the accumulated know-how of manufacturing facilities, we will make more active efforts to pioneer overseas markets in China and Europe."