"Really Works" Hwaseong City's Investment Attraction Target Approaches 20 Trillion Won

Kia Signs 2.2 Trillion KRW PBV Investment MOU... 16.7 Trillion KRW Achieved in 8th Term
Jung Myung-geun: "We Will Lead Mobility Innovation Through Collaboration With Companies"

Hwaseong City in Gyeonggi Province has taken a step closer to early achievement of its investment attraction target for the 8th term of the elected government. With Kia's decision to invest 2.2 trillion KRW in a large-scale electric vehicle factory in Hwaseong, the city is now on the verge of reaching its 20 trillion KRW investment attraction goal.

On the 6th, Hwaseong City signed a Memorandum of Understanding (MOU) with Gyeonggi Province and Kia to create a future mobility ecosystem based on Kia's PBV (Purpose Built Vehicle). Through this agreement, an investment of 2.2 trillion KRW will be made to establish the world's first dedicated PBV factory, the 'Hwaseong EVO Plant,' in Hwaseong. PBVs refer to customized transportation vehicles designed for specific purposes such as taxis, delivery, shuttles, and pickup trucks to meet diverse customer needs.

Hwaseong City is on the verge of achieving its investment attraction goal of 20 trillion won for the 8th term of the elected government. On the 6th, Mayor Jeong Myeong-geun of Hwaseong City test drove Kia's PV5 vehicle and inspected the interior at the PBV business agreement ceremony. Photo by Hwaseong City

With this MOU, Hwaseong City has recorded investment attraction achievements totaling 16.7709 trillion KRW. This means that about 84% of the 20 trillion KRW investment target set for the 8th term, which started 2 years and 8 months ago, has been achieved.

The city plans not only to attract investment but also to develop Hwaseong as a core production hub for future mobility based on this MOU. To this end, the city will support Kia’s smooth investment by expanding infrastructure such as early road openings to foster sustainable growth of the mobility industry. Additionally, the city will provide administrative and institutional support by cooperating in the development and introduction of diverse mobility services to improve local transportation convenience.

The city will also strengthen cooperation to build a sustainable energy environment by establishing renewable energy infrastructure such as solar power generation within Kia Autoland Hwaseong in Ujeong-eup, where the PBV production line will be located, focusing on creating a low-carbon, high-efficiency future mobility environment.

Kia is currently constructing a medium-sized PBV factory at Kia Autoland Hwaseong and plans to start building a large PBV factory in the first half of this year. Notably, it will begin mass production of the PV5, the first dedicated PBV equipped with a customized vehicle structure based on an exclusive platform and various advanced new technologies, within this year and will launch full-scale business operations.

Jung Myung-geun, Mayor of Hwaseong City, stated, "Hwaseong Special City possesses the optimal infrastructure to lead the future mobility industry as the mecca of South Korea’s automobile industry." He added, "We will lead innovation in the eco-friendly future mobility industry through collaboration with companies and active administrative support so that Hwaseong can emerge as a core hub of the future car industry."