Guyeong Tech is showing strong performance. It is interpreted that this is influenced by the announcement that the state of Georgia in the U.S. will invest about 10 trillion won over the next 8 years in the joint venture between Hyundai Motor and LG Energy Solution.
As of 10:23 AM on the 4th, Guyeong Tech is trading at 2,940 won, up 3.34% from the previous day.
On the 31st (local time), the Georgia state government announced that it will invest an additional 2 billion dollars (about 2.65 trillion won) in the battery cell manufacturing joint venture company located at the Meta Plant in Brian County (Hyundai’s dedicated electric vehicle factory built in Georgia).
In May, Hyundai Motor Group and LG Energy Solution announced the construction of a battery cell factory in Georgia, U.S., with a total investment of 5.7 trillion won. According to the state of Georgia, with this announcement, a total of 7.59 billion dollars (about 10 trillion won) will be invested over the next 8 years in electric vehicle manufacturing facilities and the battery joint venture.
Meanwhile, Guyeong Tech was established primarily for automobile parts production and manufactures more than 1,000 types of products. It produces parts at local subsidiaries in China and the U.S. and supplies them to Hyundai Motor in the U.S. and local partner companies.
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