Guyeong Tech to Invest 87.3 Billion KRW in New Electric Vehicle Parts Factory ... Business Agreement with Daegu City

On the 3rd, Daegu City signed an investment agreement with Guyeong Tech (CEO Lee Heehwa) at the Daegu Sangyeok Office for the establishment of a new electric vehicle parts manufacturing plant within the Daegu National Industrial Complex.

Guyeong Tech is a specialized company producing over 1,000 types of automotive parts. To respond to changes in the automotive market due to electrification, it plans to invest 87.3 billion KRW to build a new eco-friendly automotive parts manufacturing plant on a 31,628㎡ (9,567 pyeong) site within the Daegu National Industrial Complex.

Lee Hee-hwa, CEO of Gooyoung Tech (right in the photo), and Hong Joon-pyo, Mayor of Daegu, are taking a photo after signing a business agreement for the establishment of an electric vehicle parts factory.

The new plant is intended to meet the increasing market demand and new orders for parts related to the expanding eco-friendly vehicle market. Construction will begin in June 2023, with full-scale mass production starting in the second half of 2024.

Since its founding in 1989, Guyeong Tech has steadily grown through continuous research and development. The company received the Export Tower Award for $50 million in exports in 2013, was selected as a Global Small Giant by the Ministry of SMEs and Startups in 2020, and received the Presidential Citation on the 55th Taxpayer's Day in 2021, serving as a model for sustainable management.

Through this investment, Guyeong Tech plans to produce new eco-friendly vehicle products such as hybrid vehicle (HEV) brackets and electric vehicle battery pack case parts, and aims to transform into a future mobility parts specialist by developing support rings used in hybrid vehicle drive motors.

CEO Lee Heehwa of Guyeong Tech stated, “Through this investment, we will actively promote the localization of accumulators, which are core components of heavy equipment, alongside the development of eco-friendly vehicle parts to diversify sales, and make greater efforts to contribute to new job creation and regional economic revitalization.”

Mayor Hong Junpyo said, “We expect that the investment by Guyeong Tech, a leading local automotive parts company, will create synergy with Daegu City's mobility motor specialized complex initiative and play a significant role in Daegu's leap forward as a future mobility hub city.”