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South Korean firm to build $72m electric vehicle parts factory in Georgia

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A South Korean company plans to build a $72 million factory in Georgia to make parts for electric vehicles, and will hire more than 140 workers.

Daesol Ausys on Tuesday announced plans to build a factory in West Point, making luggage boards and covers for electric vehicle compartments. The company supplies parts to Hyundai, Kia and General Motors

This will be the third factory located in the same West Point industrial park for members of the company’s family group. Daehan Solution Co. opened a million-euro factory there in 2008 to manufacture headliners and other sound insulation parts for the nearby Kia factory. Daesol Material opened a $35 million plant there in 2017 to manufacture automotive fiber upholstery. Daehan Solution now employs 350 full-time workers, while Daesol Material employs 50 workers, said Meghan Richardson, economic developer for the city of West Point.

Daehan Solution also has a plant near Montgomery, Alabama, which supplies Hyundai’s assembly plant.

This is another in a wave of electric vehicle suppliers announcing factories in Georgia after Hyundai announced in 2022 that it would build a $5.5 billion plant to assemble electric vehicles and batteries. in Ellabell, Georgia, near Savannah. The site could grow to 8,100 employees and is expected to start producing vehicles in 2025.

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A South Korean automotive supplier plans to build a $72 million plant in Georgia to make parts for electric vehicles.

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Suppliers have pledged to invest nearly $2.2 billion and hire 5,000 people.

“Our state’s auto industry employs more than 50,000 hard-working Georgians and will continue to grow as electric mobility providers choose all corners of the state for the jobs of the future,” said Georgia’s governor. , Brian Kemp, in a press release.

Daesol Ausys is expected to begin production in December 2024. Richardson said the company will pay between $15 and $20 per hour.

The state will pay to train the workers. He also donated $500,000 last year to help Harris County clean up and level the site and build a road, funds the county matched through sales tax collection. The City of West Point and county are providing eight years of property tax relief, worth an estimated $5.7 million, Richardson said. Daesol Ausys could qualify for $875,000 in income tax credits, at $1,250 per job over five years, provided workers earn at least $31,300 a year.

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