Daegu Global Small Giant Youngil Engineering to Invest 45.4 Billion KRW in Electric Vehicle Parts Factory

On October 15, the Daegu Metropolitan Government signed an investment agreement with Youngil Engineering Co., Ltd. (CEO Lee Chang Eun) at the Sanggyeok Office of Daegu City Hall for the construction of an "electric vehicle parts automation equipment manufacturing facility" within Kumho Waterpolis.

Founded in Daegu in 1994, Youngil Engineering is headquartered in the Seongseo 5th Industrial Complex. The company possesses global-level technological capabilities, ranging from the design and production of parts manufacturing equipment to the development of operating software and inspection devices.

Lee Chang Eun, CEO of Youngil Engineering (right), is holding up the investment agreement with Hong Sung Joo, Deputy Mayor for Economic Affairs of Daegu.

Youngil Engineering has earned recognition for its technological prowess not only from major domestic companies such as Hyundai Mobis and Samsung SDI, but also from leading overseas firms including Valeo and ZF. In 2019, it was selected as a Global Small Giant by the Ministry of SMEs and Startups.

In particular, the company has quickly responded to changes in the mobility industry, achieving localization of automation equipment for electronic steering systems and distinguishing itself in the field of core electric vehicle parts. As a result, both domestic sales and overseas exports have steadily increased.

This new investment is a strategic decision to respond to increased orders in the Americas and European markets, as well as the surge in orders resulting from major automotive parts companies accelerating their entry into the U.S. market.

Youngil Engineering plans to invest 45.4 billion KRW to build an automation equipment manufacturing facility on a 13,060-square-meter (3,951 pyeong) site within Kumho Waterpolis. The facility is scheduled to begin full-scale operation in the first quarter of 2027, and 31 new employees will be hired.

Lee Chang Eun, CEO of Youngil Engineering, stated, "We are striving to contribute to the development of the local industry by improving the level of industrial automation and expanding the employment of skilled technical talent. Based on continuous technological development and localization of equipment, we will further enhance our technological capabilities and help Daegu become a hub of the smart industry."

Hong Sung Joo, Deputy Mayor for Economic Affairs of Daegu, said, "We deeply appreciate Youngil Engineering, a local company with global competitiveness, for making a proactive investment in Kumho Waterpolis to overcome the temporary demand stagnation in the electric vehicle sector. We will provide full administrative and policy support to ensure this investment serves as a foundation for Youngil Engineering to become a global leader in the automation equipment manufacturing sector."