Sungwoo Hitech Invests 23.1 Billion KRW in Mexico Subsidiary to Respond to GM Electric Vehicle Parts Orders

[Asia Economy Reporter Minwoo Lee] Sungwoo Hitech announced on the 22nd that it has decided to make a cash investment of approximately 23.1 billion KRW in its subsidiary Sungwoo Hitech Mexico (SUNGWOO HITECH MEXICO S.A de C.V). This amount corresponds to 1.75% of its equity capital as of the end of 2019.

Sungwoo Hitech explained that the investment is for production facility investment (buildings, machinery and equipment) and financial structure improvement following orders for electric vehicle body parts and battery cases from North American General Motors (GM).