Production Volume of 300,000 Electric Vehicles by 2040
[Asia Economy Reporter Yu Je-hoon] Hanon Systems is embarking on the construction of its first dedicated electric vehicle parts factory. Hanon Systems announced on the 2nd that it has begun construction of the Gyeongju New Plant on a 33,000㎡ site located in Naengcheon-ri, Wadong-eup, Gyeongju, Gyeongbuk.
According to Hanon Systems, the Gyeongju plant is scheduled to be completed in the first half of this year, and mass production of key electric vehicle components such as heat pump modules and coolant assemblies will begin in the third quarter. The plant aims to produce parts for 300,000 electric vehicles by 2024.
Hanon Systems has secured large-scale orders for thermal energy management solutions for Hyundai Motor's electric vehicle-exclusive platform E-GMP-based Ioniq 5, 6, and 7, as well as Genesis electric vehicle models. To respond to the rapidly increasing demand for eco-friendly vehicles, Hanon Systems decided to establish a new electric vehicle parts factory.
In particular, the new plant is located only about 20 km from Hyundai Motor's Ulsan plant, where the Ioniq 5 is produced, providing excellent conditions for large-scale procurement and efficient supply chain construction, according to the company. Parts produced at the Gyeongju plant will be installed starting with the Ioniq 5 and will expand to Hyundai Motor's E-GMP models to be released in 2023.
Meanwhile, Hanon Systems is strengthening its position in the electric vehicle market, with the proportion of eco-friendly vehicle-related new orders exceeding 75% last year. Jung Yong-su, Executive Director of Hanon Systems, stated, "With the global expansion of the electric vehicle market, we expect the Gyeongju plant to become a key hub for electric vehicle parts production."
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