German Auto Parts 'Vitesco' Expands Icheon Plant with 120 Billion Won Investment

Vitessco Technology Icheon Plant Completion Ceremony

Global automotive parts company Germany's Vitesco Technologies has completed the construction of an electrification parts manufacturing facility for electric vehicles in Icheon, Gyeonggi Province, and plans to invest 120 billion KRW by 2026.

The completion of the Vitesco Technologies factory is significant, according to Gyeonggi Province, as it marks the entry of the eco-friendly vehicle industry, alongside semiconductor industries such as SK Hynix, into the eastern Gyeonggi region, which is a regulatory overlap area.

With this completion, Vitesco will expand its manufacturing facility to 2,800㎡ by 2026 and produce integrated drive systems equipped with electric motors, inverters, and reducers installed in advanced electric vehicles.

Gyeonggi Province expects this to help create an eco-friendly automotive ecosystem within the province through cooperation in parts development and procurement worth 800 billion KRW with local small and medium-sized enterprises.

Headquartered in Regensburg, Germany, Vitesco Technologies is a company that researches and develops key components for electrification, hybrid, and internal combustion engines. Recently focusing on electrification business, it achieved sales of 9 billion euros last year. Vitesco Technologies Korea has solidified its production technology at its Icheon plant, which has manufactured internal combustion engine automotive parts since 1987.

Gyeonggi Province Governor Kim Dong-yeon emphasized in a congratulatory video message at the completion ceremony, "Gyeonggi Province is leading climate crisis response with its RE100 declaration, and investment to expand production of drive systems, which are core to eco-friendly vehicles, is very timely. We will do our best to establish a win-win foundation between eco-friendly companies like Vitesco and innovative companies within Gyeonggi Province."

Meanwhile, about 80 people attended the completion ceremony, including Thomas Stierle, President of the Electrification Division of Vitesco Technologies Group, and Kim Kyung-hee, Mayor of Icheon.