Hyundai Polytech will open its second plant in Coahuila in 2024
By Luis Mendez
June 26, 2023
The company of Korean origin, Hyundai Polytech , announced that it will begin the construction of its third plant in Coahuila , in order to increase its production capacity and satisfy the growing demand of its clients in Mexico and abroad.
With an investment of 13 million dollars , the company, which is dedicated to the manufacture of automobile components , will directly generate 90 jobs and at the end of its construction this figure could increase to 120 employees.
This new warehouse will also be located in the Cactus Valley Industrial Park , in the municipality of Ramos Arizpe, and will have a land area of 9,444 square meters.
According to Mr. Woo Yong Jeong, general director of Hyundai Polytech , the new production process will be focused on aluminum injection and stated that in the seven years that they have been installed in the region they have been able to meet the expectations of their main customers. in the automotive industry, which are Mando, Mobis, Kia, Tesla, General Motors, Hyundai, Ford and Volvo .
He explained that this project will help them increase their sales, since in 2022 they managed to invoice the amount of 25.8 million dollars; in 2023 they reached 34.5 million dollars and by 2024 they expect to produce 41.8 million dollars.
He said that the factory's operations will begin in January 2024 and that the capital injection could also reach up to 17 million dollars, since they have in mind some more projects to develop in the region.
For his part, Kwang Shik Kim, Chairman of Hyundai Polytech , thanked the state authorities for their support in carrying out this project.
He stressed that since its birth, in 1975, they have been characterized by their competitiveness in rubber and plastic injection molding of auto parts.
He added that in 2004 they chose China to open their first overseas plant and have experienced accelerated growth ever since.
He concluded that in Mexico they only have operations in Coahuila , since they consider that the state is an important ally in order to grow together.
“The only way we can achieve this is by driving this development and investment spiral with the creation of formal jobs, adding more to the 300 we already have in our first plant,” explained Kwang Shik Kim.