South Korean Company to Build $72 Million Electric Vehicle Parts Factory in Georgia
In a significant development, Daesol Ausys, a South Korean company, has unveiled its plan to establish a state-of-the-art factory in Georgia, USA, with a whopping $72 million investment. This factory will play a pivotal role in crafting essential components for electric vehicles (EVs), a rapidly growing segment of the automotive industry. The company is also set to hire more than 140 skilled workers, thereby creating employment opportunities in the region.
Daesol Ausys Takes the Lead
The announcement came on Tuesday as Daesol Ausys shared its ambitious strategy to construct the new factory in West Point, Georgia. This facility will be dedicated to manufacturing luggage boards and covers for compartments in electric vehicles. It’s worth noting that Daesol Ausys is already a trusted supplier of parts to well-known automotive giants like Hyundai, Kia, and General Motors.
Expanding Family in West Point
Interestingly, this won’t be the first time that the company’s corporate family has set its sights on West Point’s industrial park. In the past, Daehan Solution Co. and Daesol Material have already set up successful factories here. Daehan Solution Co. started operations in 2008, focusing on producing headliners and sound insulation parts for the nearby Kia plant. Daesol Material followed suit in 2017 with a $35 million factory, dedicated to crafting automotive fiber padding. Together, these facilities provide jobs for many workers, with Daehan Solution employing 350 full-time workers and Daesol Material employing 50.
Growing Influence Beyond Georgia
Daehan Solution Co. doesn’t stop at Georgia; it also runs a plant near Montgomery, Alabama, supplying components to the Hyundai assembly plant located there. This South Korean company’s footprint extends across state lines, playing a crucial role in supporting the automotive industry’s advancements.
Georgia’s Electric Vehicle Supplier Trend
Daesol Ausys’ plans are aligned with a broader trend of electric vehicle suppliers establishing roots in Georgia. This movement gained momentum after Hyundai’s announcement in 2022 that it would invest $5.5 billion in an electric vehicle and battery assembly plant near Savannah. This Hyundai facility is projected to employ thousands of individuals and commence vehicle production in 2025.
Investments and Jobs on the Horizon
The new Daesol Ausys factory is scheduled to begin its operations in December 2024. It aims to offer competitive wages, ranging from $15 to $20 per hour. The state of Georgia is committed to supporting this venture by providing training opportunities for workers. Additionally, the state contributed $500,000 to assist Harris County in preparing the factory site and constructing essential infrastructure. In return, the city of West Point and the county are offering property tax breaks over an eight-year span, estimated at $5.7 million.
Boosting Economic Growth
Georgia’s Governor Brian Kemp expressed enthusiasm for the new venture, highlighting the growth potential for the state’s automotive industry. “Our state’s automotive industry employs over 50,000 hardworking Georgians and will continue to grow as e-mobility suppliers choose all corners of the state for the jobs of the future,” he stated.
Path Forward
As the world shifts toward electric vehicles, Daesol Ausys’ substantial investment and job creation efforts in Georgia are a testament to the ever-evolving landscape of the automotive industry. With plans set in motion, the company aims to contribute to the advancement of electric mobility and foster economic prosperity in the region.