Hanon : Inaugurates New Manufacturing Site in Gyeongju, Korea

Company's first manufacturing site fully dedicated to producing components for eco-friendly vehicles in Korea<_o3a_p>

SEOUL, Korea, Nov. 26, 2021 -Global automotive supplier Hanon Systems (KS: 018880) today announced the inauguration of its latest manufacturing site located in Naengcheon-ri, Oedong-eup, Gyeongju-si, Korea. It is the company's first plant that is fully dedicated to producing components for eco-friendly vehicles in Korea.

The site, which began production in September, is built on nearly 33,000 square meters of land with a building area of 9,893 square meters.

"Launching this plant in Gyeongju is further evidence of the company's commitment to support the shift toward electrified vehicles,"said Min Sung, president and chief executive officer of Hanon Systems. "This site will serve as a benchmark of operations for the supply of innovative eco-friendly thermal and energy management solutions."

Through the first nine months of 2021, solutions for eco-friendly vehicles accounted for more than 85 percent of the company's new business wins.

The facility is producing a range of solutions for electric vehicles including heat pump systems and coolant valve assemblies to be supplied to the Ulsan plant of Hyundai Motor Group for the E-GMP (electric global modular platform) based IONIQ 5, 6, 7, and Genesis vehicles. The company expects this plant will supply eco-friendly solutions on approximately 300,000 electric vehicles by 2024.

Hanon Systems announced construction of the new plant in March 2021. It joins the four existing Korea manufacturing operations located in Daejeon, Pyeongtaek, Ulsan and Asan.