[Featured Stock] Hyundai Gongup to Operate Major US Electric Vehicle Parts Factory in Second Half of Year... Expectation for 'New Electric Vehicle Model Orders'

Hyundai Industrial is showing strong performance. News of establishing a new factory in Georgia, USA, for the production of key electric vehicle interior materials appears to be influencing the stock price.

At 10:23 AM on the 9th, Hyundai Industrial was trading at 7,730 KRW, up 13.84% from the previous day.

Hyundai Industrial, a company specializing in automotive interior materials, announced that it plans to actively enter the North American market by securing a new factory in Georgia for the production of key electric vehicle interior components.

According to Hyundai Industrial, it laid the foundation for its North American entry by establishing a US corporation in 2021, and this time it invested a total of 10 million USD to purchase a new factory and logistics warehouse in Newnan, Georgia.

The company secured a factory with an area of 5,500 pyeong and is building production facilities. The main products to be manufactured are ▲armrests ▲headrests ▲legrests, with an annual production capacity of 300,000 units. Construction is underway with the goal of starting operations in the second half of this year.

A company representative stated, "Through the new factory in Newnan, Georgia, we will devote all efforts to securing orders for Hyundai Motor's new electric vehicle models," and added, "We will also strive to secure orders from local US companies."

He continued, "Hyundai Industrial is leading the market by producing superior products compared to competitors domestically," and emphasized, "Based on this entry, we aim to expand our business in the North American region and build networks with major North American automakers as a mid- to long-term goal."