[Asia Economy Reporter Yoo Hyun-seok] Sungwoo Hitech is on the rise. The news of constructing a large-scale electric vehicle battery system factory worth 70 billion KRW seems to have had an impact.
As of 9:11 AM on the 23rd, Sungwoo Hitech was trading at 6,940 KRW, up 2.36% (160 KRW) compared to the previous trading day.
The day before, Sungwoo Hitech held a groundbreaking ceremony for the construction of the electric vehicle battery system factory. Sungwoo Hitech plans to invest 72 billion KRW by the end of this year on a 27,170㎡ site in Seonjang-myeon, Seonchang-ri area. Additionally, it plans to hire 360 new employees.
In January, Sungwoo Hitech was selected as the top company in the materials, parts, and equipment sector, known as the ‘Sobujang Euddeum Company,’ which was first chosen by the government. The government plans to provide up to 5 billion KRW annually in research and development (R&D) support funds to help the Euddeum companies secure technological capabilities.
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