The Korean company Kyungshin Cable has opened a factory where it will produce components for batteries for high-tech electric vehicles for the European market in Smederevska Palanka. This is an investment worth EUR 20 million, the first in this region to encompass the construction of a factory, the accompanying infrastructure and the gradual employment of 700 workers by the end of 2022, the company announced.
– Today, Kyungshin Cable Europe begins mass production of car parts for batteries for electric vehicles, produced by top-quality world suppliers of batteries, such as LG ENERGY SOLUTION and SK INNOVATION, but also other companies headquartered in the European Union. We have managed to agree an annual order worth around EUR 100 million and I am sure that we will ourselves also continuously follow the development of the market of green automotive industry, which is on the rise – emphasized Jae-Keun Seo, the general manager of Kyungshin Cable Europe.
Following the factory in Poland, this is the company’s only factory in Europe, which aims to deliver ecological car components to European manufacturers and suppliers of batteries.
According to the company, with the opening of the factory in Serbia, Kyungshin has established a system which will efficiently meet the demands of the consumers and the market by localizing the sectors such as research and development, production, sales and servicing in Europe, which is one of the three leading markets in the world, in addition to the United States of America and China.
Kyungshin Cable Europe, Smederevska Palanka, will produce components for electric batteries for high-tech cars.
The opening of the factory and the commissioning of the production facility were attended by the president of Serbia, Aleksandar Vucic, the general manager of Kyungshin Cable Europe, Jae-Keun Seo, the ambassador of the Republic of Korea to Serbia, H.E. Choe Hyoung-chan, the president of the municipality of Smederevska Palanka, Nikola Vucan, as well as representatives of the diplomatic corps and local and state authorities.
Founded in 1974, Kyungshin Cable is a leader in the Korean market of electronic parts for the automotive industry, with an annual turnover of USD 611 million. The company’s core activity has been expanded from automotive and industrial wires and cables to the production of car parts for high- and low-voltage electric vehicles, in accordance with the new trends in the automotive industry.
Follow the news, tenders, grants, legal regulations and reports on our portal.
Register for our daily business bulletin, which is sent to your email address at the end of each work day.
Full information is available only to commercial users-subscribers and it is necessary to log in.
Test for free!
Full information is available to commercial users-subscribers only.