The Kia electric vehicle (EV) dedicated factory in Gwangmyeong, Gyeonggi Province, which involved an investment of 400 billion KRW, was completed on the 27th.
The Gwangmyeong EV dedicated factory is an expansion and remodeling of the existing Sohadong Plant 2 from internal combustion engine vehicles to an electric vehicle production system. Construction began in June last year, with an investment of 400 billion KRW.
Kia Autoland, where the EV dedicated factory is located, was designated as the first advanced investment zone in the metropolitan area by the Ministry of Trade, Industry and Energy in September last year, with cooperation from Gyeonggi Province. The advanced investment zone is an area that quickly accommodates various advanced investments from domestic and foreign companies, providing customized incentives and regulatory exemptions.
Gyeonggi Province expects Kia’s EV dedicated factory to be an important stepping stone for expanding the EV industry ecosystem within the province and establishing Gyeonggi as a future-oriented advanced industrial hub.
Yu So-jeong, Director of Investment Promotion at Gyeonggi Province, stated, "The completion of this Kia EV dedicated factory is an important milestone for Gyeonggi Province to leap forward as a center of eco-friendly advanced industries. Through continuous investment attraction activities, we will attract more advanced industries and contribute to revitalizing the local economy and creating jobs."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
