Yeongcheon-si Begins Construction of Electric Vehicle Parts Factory by Hwashin with 80 Billion Won Investment

‘Hwashin,’ a leading automotive parts company representing Yeongcheon, Gyeongbuk, held a groundbreaking ceremony on the 30th at a construction site within the Yeongcheon High-Tech Park district for a factory manufacturing electric vehicle battery cases and automotive lightweight parts.

The ceremony was attended by about 200 people, including Lee Dal-hee, Deputy Governor for Economy of Gyeongbuk Province, Choi Ki-moon, Mayor of Yeongcheon, Jung Seo-jin, CEO of Hwashin, Choi Sam-ryong, Director of Daegu-Gyeongbuk Free Economic Zone Authority, and local residents.

Yeongcheon representative company Hwashin held a groundbreaking ceremony for Jinggi Automobile Parts Factory in the High Tech Park District.

Hwashin, investing through domestic return this time, will invest 80 billion KRW by 2025 to build manufacturing facilities for electric vehicle battery cases and automotive chassis lightweight parts in the Yeongcheon High-Tech Park district.

Since its founding in 1975, Hwashin has continuously grown as a specialized manufacturer of automotive chassis and body parts. It has been recognized for its high technological capabilities, having been selected as a World Class 300 company in 2012, awarded Technology 5-Star in 2013, and designated as a Root Enterprise Master and a top Materials, Parts, and Equipment (SoBuJang) company in 2022. This new investment is expected to serve as a stepping stone for its second leap as a global automotive company.

Furthermore, Hwashin’s groundbreaking ceremony as a leading local company is expected to boost corporate attraction as the first tenant of the 370,000-pyeong Yeongcheon High-Tech Park district, which is scheduled for full-scale leasing this spring.

Mayor Choi Ki-moon said, “Since the investment agreement with Hwashin was signed last December, actual investment has proceeded rapidly. Especially as the domestic and international automotive industries are focusing on structural advancement and business restructuring toward electric vehicles, Hwashin’s innovative challenge is expected to act as a catalyst for the transformation of the local automotive industry and the growth of the future automotive industry.”