Hanon Systems Holds Completion Ceremony for Gyeongju Plant... Korea's First 'Electric Vehicle Dedicated' Thermal Management System Production

[Asia Economy Reporter Yu Je-hoon] Hanon Systems announced on the 26th that it held a completion ceremony for its thermal management system factory located in Oedong-eup, Gyeongju-si, Gyeongbuk Province.

Hanon Systems' Gyeongju plant is the first domestic thermal management system factory dedicated to electric vehicles, with a site area of 33,000㎡ and a building area of 9,893㎡. It began full-scale operations in September.

The heat pump systems and coolant valve assemblies produced here are core components of electric vehicle thermal management systems. They are supplied to Hyundai Motor Company's Ulsan plant, about 20 km away, and installed in E-GMP-based Ioniq 5, 6, 7, and Genesis electric vehicles.

Hanon Systems plans to expand the Gyeongju plant's production capacity from the current 100,000 electric vehicles annually to 300,000 units by 2024. The company aims to increase supply of thermal management systems for Hyundai Motor Group's electric vehicle-exclusive platform E-GMP and strengthen technology and parts supply cooperation through local production at global manufacturing bases in the future.

Sung Min-seok, CEO of Hanon Systems, said, "The forward deployment of the Gyeongju plant, a dedicated electric vehicle parts factory, has further solidified our position in the eco-friendly vehicle market," adding, "Through the strategic base of the Gyeongju plant, we will provide Hanon Systems' differentiated value by directly designing and producing core parts of electric vehicle thermal management systems."