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Busan attracted KRW 400 bn investment for the establishment of battery production plant to be completed by 2028
On February 20, Busan-si announced that it has secured an investment of KRW 400 billion for a battery production plant from DN Automotive.
DN Group has selected Busan as a key future production hub and, starting with the global unit advanced manufacturing center of DN Solutions investment in February of last year, has decided to build a battery production facility for its main company, DN Automotive, in Busan.
The city will sign a memorandum of understanding (MOU) with DN Automotive for the establishment of a new battery plant in Busan.
With the MOU signing, DN Automotive will build a state-of-the-art production facility worth KRW 440 billion in Busan, specializing in advanced vehicle batteries, by 2028.
The production site will be located on approximately 27,000 pyeong in the E-Park Industrial Complex in Dong Busan, Gijang-gun. The facility is expected to create about 300 new jobs in research and development, production, and business support.
With this investment, Busan-si anticipates a significant expansion of battery production capacity by adding the new plant in Busan to the company's existing Ulsan facility, which will help increase its market share in the growing automotive battery market.
DN Group, ranked 74th in the Korean business rankings with total assets exceeding KRW 5 trillion, was established in 1971 as a tire manufacturing company and has since grown into a major producer of automotive parts, batteries, and machine tools.
wink@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.03.04
Views
75
According to Yonhap News,
On February 20, Busan-si announced that it has secured an investment of KRW 400 billion for a battery production plant from DN Automotive.
DN Group has selected Busan as a key future production hub and, starting with the global unit advanced manufacturing center of DN Solutions investment in February of last year, has decided to build a battery production facility for its main company, DN Automotive, in Busan.
The city will sign a memorandum of understanding (MOU) with DN Automotive for the establishment of a new battery plant in Busan.
With the MOU signing, DN Automotive will build a state-of-the-art production facility worth KRW 440 billion in Busan, specializing in advanced vehicle batteries, by 2028.
The production site will be located on approximately 27,000 pyeong in the E-Park Industrial Complex in Dong Busan, Gijang-gun. The facility is expected to create about 300 new jobs in research and development, production, and business support.
With this investment, Busan-si anticipates a significant expansion of battery production capacity by adding the new plant in Busan to the company's existing Ulsan facility, which will help increase its market share in the growing automotive battery market.
DN Group, ranked 74th in the Korean business rankings with total assets exceeding KRW 5 trillion, was established in 1971 as a tire manufacturing company and has since grown into a major producer of automotive parts, batteries, and machine tools.
wink@yna.co.kr
Source Text
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Source: Yonhap News (February 20, 2024)
** This article was translated from Korean.