Hyundai Elevator Breaks Ground on New Factory in Chungju... "We Will Grow as a Global Leader"

Hyun Jung-eun, Chairman of Hyundai Group, and Chung Mong-gyu, Chairman of HDC Hyundai Development Company, Attend

[Asia Economy Reporter Yoo Je-hoon] Hyundai Elevator announced on the afternoon of the 8th that it held a groundbreaking ceremony for a new factory at the 5th General Industrial Complex in Chungju, Chungcheongbuk-do. Attendees at the ceremony included Hyun Jeong-eun, Chairwoman of Hyundai Group; Chung Mong-gyu, Chairman of HDC Hyundai Development Company; Song Seung-bok, CEO of Hyundai Elevator; Lee Si-jong, Governor of Chungbuk Province; Park Moon-hee, Chairman of the Chungbuk Provincial Council; and Assemblyman Lee Jong-bae.

In her commemorative speech, Chairwoman Hyun quoted the late Chairman Chung Ju-yung’s saying, "Those who believe they can do anything are the ones who get it done," and expressed her hope that "Hyundai Elevator will establish its base here in Chungju and unfold challenges toward the world and dreams toward the future."

The new Hyundai Elevator factory in Chungju, to be built on a 17,300㎡ site, will be equipped with a smart factory incorporating Fourth Industrial Revolution technologies such as the Internet of Things, big data, and artificial intelligence, as well as a research and development (R&D) center and a logistics center.

Notably, the elevator test tower, which will be the tallest in the world at 300 meters, will also be located at the Chungju new factory. This tower will house Hyundai Elevator’s ultra-high-speed elevator with a carbon fiber belt type traveling at 1,260 meters per minute, which was developed as the world’s first in May.

Hyundai Elevator expects that once the new factory is completed in 2022 and the headquarters relocation is finalized, the annual production capacity will expand to 25,000 units. CEO Song also stated, "We will do our utmost to grow beyond being Korea’s number one to becoming a global leader, using the Chungju new factory as our base."

This content was produced with the assistance of AI translation services.