Chungnam Attracts $15 Million Investment from Global Auto Parts Company in Germany
Kim Tae-heum, Governor of Chungnam Province (second from the left), is taking a commemorative photo with Webasto officials and others after signing an agreement on the 27th (local time) in Munich, Germany. Provided by Chungnam Province
View original image[Asia Economy (Hongseong) Reporter Jeong Il-woong] A global automotive parts company rooted in Germany is making a $15 million investment in Chungnam Province.
Chungnam Province announced that Governor Kim Tae-heum signed a memorandum of understanding regarding this investment on the 27th (local time) at Webasto headquarters in Munich, Germany.
The agreement involves Webasto expanding its electric vehicle battery pack system factory on a 27,248㎡ site in the Dangjin Songsan Foreign Investment Zone.
The expansion construction is scheduled to begin within this year, and the province and Dangjin City plan to support administrative procedures such as permits until Webasto completes the factory.
The province expects economic effects including sales of 352.9 billion KRW, production inducement of 396 billion KRW, and value-added inducement of 251.2 billion KRW over five years once Webasto completes and fully operates the factory.
It is also expected to increase production of electric vehicle-related parts, stabilize the domestic market supply chain, and enhance the global competitiveness of domestic parts companies.
Webasto was established in 1901 and currently operates factories in 50 countries worldwide, producing automotive roofs, heating and cooling systems, battery systems, and charging solutions.
The province also signed an investment agreement worth $108 million with Webasto in 2020.
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Governor Kim Tae-heum of Chungnam Province said, “We welcome Webasto, ranked among the top 100 in the global automotive parts industry, deciding to make additional investments in Chungnam,” and added, “We hope this investment will serve as a stepping stone for Webasto’s leap forward.”
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