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Hyundai Motors plans to invest in car production in Gwangju, Korea

NSP NEWS AGENCY, By jeonghyun go Journal, 2019-02-01 02:27 END7
#Hyundai motors #Gwangju-si #현대차(005380)

(서울=NSP통신) jeonghyun go Journal = Hyundai Motors made an agreement with Gwangju-si about the investment for finished cars to boost the local economy of Gwangju up as well as to provide many jobs constantly within the region.

According to the agreement, the corporation to be newly established will be based on a total of 700 billion won with a starting capital of 280 billion won.
Hyundai plans to contribute its 53 billion won and also participate as a non-controlling investor holding only a 19%-stake without the right of management.

The first average annual income of employees from the newly established corporation will start off with around 35 million won per year based on 44 working hours in a week.


The new corporation also agreed to be implementing the work conditions from Council on Development of Labor actively. What’s more, to secure stability of management and sustainable development, decisions from Council on Development of Labor will be valid until cumulative production hits 350,000 units.

New plants for consigned production will be established in an area(about 628,099㎡) within Light Green Industrial Complex with a scale of approximately 100,000.
When the plan of Gwangju processes well by attracting more investors, the operation of plants will start off in the second half of 2021.

NSP News Agency/NSP TV jeonghyun go Journalist,
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