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A German based EV battery product maker, Webasto, invested USD 100 mln in Dangjin city

According to Yonhap News,

A German based EV battery product maker, Webasto, unveiled its plan to establish a new production plant in the city of Dangjin, South Chungcheong Province. Webasto DONGHEE signed an investment agreement online on Sep 4 with the city and provincial government to set up a battery manufacturing facility (gross area: 22,000㎡) on a 43,500㎡ site, located inside Songsan FIZ by the year 2022, which is the capacity worth producing 350,000 EV batteries per year.

The investment came as Korea’s top auto maker Hyundai and Kia placed an order of Webasto’s batteries. Unveiling the subsequent plans to add more factories in Korea, the German counterpart said it’ll finance as much as USD 180 over the next five years. Once they break ground for the project as planned, the province is likely to raise KRW291.4 billion in exports with production inducement effect worth KRW 132.4 and value-added creation effects valued at over KRW 876.8 billion.

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Source: Yonhap News (Sep 4, 2020)

* This article was translated from Korean. 
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