Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Renault Korea set to invest W1.5 tril. for future mobility
Renault Korea CEO Stephane Deblaise, right, poses with Busan Mayor Park Heong-joon, after clinching a partnership on the carmaker's investment for future mobility in the southeastern port city, Monday. Courtesy of Renault Korea
By Lee Min-hyung
Renault Korea will invest 1.5 trillion won ($1.13 billion) for future mobility by 2027 for its transformation into a state-of-the-art hybrid and electric vehicle (EV) manufacturer here, the company said Thursday.
Under a three-year plan, the company will allocate 118 billion won for equipment renovation in its manufacturing facility in the nation’s southeastern port city of Busan. The investment will serve as a stepping stone for its production of its future hybrid and EV models. The carmaker also promised to hire 200 new employees there.
“We will also invest 700 billion won for our Aurora project, and our total investment will amount to 1.5 trillion won after completing one for our next-generation EV,” Renault Korea CEO Stephane Deblaise said.
Renault Korea is placing its strategic focus on the Aurora project. Renault Korea is scheduled to launch its Aurora 1 hybrid SUV sometime in the latter half of this year. The Aurora 2 mid-sized hybrid vehicle is also expected to make its debut next year. The Aurora 3 is Renault’s new EV model, which will be unveiled in 2026.
The carmaker aims to rev up its sales with the new strategic model. The company did not release any new model for the past four years, so it seeks to regain customers’ spotlight by successfully launching the Aurora 1, in line with a boom in hybrid vehicles.
Renault Korea spoke highly of the investment plan, saying that it will help create jobs for 90,000 people directly and indirectly.
The carmaker also clinched a partnership with the city government of Busan. The latter also pledged to spare no efforts in offering administrative and financial support for Renault Korea’s investment plan.
Renault Korea is one of the group’s five global hubs. The firm’s Busan factory will be in charge of developing and producing its high-end mid-sized and semi-large-sized vehicles.