© HIPA - Péter Szijjártó, Minister of Foreign Affairs and Trade Electronics Production | March 27, 2018
South Korean supplier sets up European base in Hungary
Shinheung, a manufacturer of battery components for the electric vehicle market has chosen Monor in Hungary as its European base.
The company is investing some EUR 24 million to serve the needs of the growing EV market from Monor. One of the key aspects of choosing Hungary and Monor was the close proximity to Samsung SDI, according to a report from HIPA. The company has been manufacturing lithium-ion battery cases and related security cover lids for electronic vehicles since 2009 at its Korean, Chinese and Malaysian plants – and now its time for a European expansion. As some of you might remember, Samsung opened the doors to its Hungarian battery manufacturing plant back in 2017, and since Shinheung has been a strong partner of Samsung for 40 years, the choice to set up its first European plant in Hungary came rather logically. The company plans to have the plant up and running soon, just as soon as it has successfully completed its trial run. Shinheung is planning to manufacture 1.8 million units per month in 2018, and is expecting to ramp up production to 4.8 million units per month by the end of 2019, the report continues. Shinheung will be supplying its products to Samsung SDI in Göd. The company will manufacture security cover lids for battery cases of electric vehicles – once the plant is up and running at full speed, 300 new jobs will have been created.