Gyeongju City Attracts First Investment of the Year: 35.2 Billion Won Electric Vehicle Parts Factory to Open

Signed MOU with TS Automotive to Establish Production Line for New Electric Vehicle Models
Production of Kona and Genesis EV Parts
Oedong Industrial Complex to Become a Hub for the Future Vehicle Industry

Gyeongju City has attracted an electric vehicle parts factory with an investment of 35.2 billion won as its first investment project of the new year, Byeongo, in 2026.

On January 29, Gyeongju City signed a memorandum of understanding (MOU) at the City Hall’s External Cooperation Office with North Gyeongsang Province and TS Automotive Co., Ltd., a company specializing in automotive body parts, to establish a new production line for electric vehicle models.

This agreement was arranged to secure a stable production base for core body parts in response to Hyundai Motor Company's expansion of its electric vehicle (EV) lineup.

TS Automotive plans to invest 35.2 billion won to purchase a 14,468-square-meter site for manufacturing facilities in Naengcheon-ri, Oedong-eup, Gyeongju City, and build a new production line with a total floor area of 10,960 square meters by September 2028.

This investment marks the company’s second large-scale investment, following a 20 billion won factory expansion in 2019, and will focus on establishing machinery and mold lines.

New jobs are also expected to be created.

The newly established production line will manufacture body parts for Hyundai Motor Company’s Kona EV, GV70 EV, G80 EV, and GV80 EV models.

The products to be produced include core components directly related to vehicle safety, such as the front engine room structural panel and the rear underbody.

TS Automotive is a company specializing in automotive body parts that relocated its headquarters from Ulsan to Gyeongju in 2015.

To ensure the smooth implementation of this investment, Gyeongju City, together with North Gyeongsang Province, is reviewing support for local investment promotion subsidies, as well as providing administrative support for permits and approvals and improving the conditions of the industrial complex infrastructure.

In addition, the city plans to promote the construction of a multi-purpose cultural center in Oedong Industrial Complex and expand local living infrastructure.

Minkyu Hyun, CEO of TS Automotive, said, "With the cooperation of Gyeongju City and North Gyeongsang Province, the establishment of a production base to respond to new electric vehicle models is now in full swing. We will contribute to strengthening the competitiveness of the future vehicle industry while pursuing coexistence with the local community."

Joo Nakyoung, Mayor of Gyeongju, stated, "It is meaningful to share the first investment achievement of the new year with a local company. We will continue to provide administrative support so that companies can invest and grow stably."

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