April 27, 2024

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[THE INVESTOR] Hyundai Motor Group said on Oct. 26 it will continue helping Korea’s auto parts manufacturers acquire state-of-the-art facilities.

“We will continue to actively assist small and medium enterprises  that make auto parts in setting up smart factories, so they can remain competitive during the fourth industrial revolution,” Hyundai Motor Vice President Park Kwang-sik said at an event at the group‘s Namyang R&D Center in Hwaseong, Gyeonggi Province.

The automotive group has provided 26.4 billion won (US$23.40 million) to help 1,150 auto parts manufacturers build smart factories in the past five years in conjunction with the Ministry of Trade, Industry and Energy.

The conglomerate, which has Hyundai Motor and Kia Motors under its wings, has also provided 4 billion won to the five-year project running from 2015 to 2019 to assist parts suppliers in building smart production lines in the southwestern provincial city of Gwangju.

By Alex Lee and newswires (alexlee @heraldcorp.com)