Hyundai Wia (011210) has begun full operation of its new plant in Slovakia, kicking off a push into the European market.
The company said on Oct. 1 that it held a mass-production ceremony at the new plant in the city of Martin, Zilina Region, on Sept. 30 local time.
"The new Slovak plant is a core production base that Hyundai Wia has built in Europe, and a symbolic milestone as the company, now marking its 50th anniversary, moves toward its next 100 years," Chief Executive Kwon Oh-sung said. "We will become a trusted partner for European customers with world-class technology and quality."
The Slovak unit moved its production facilities to the new plant and built a large-scale manufacturing system. Established in April 2023, the unit had until recently produced constant velocity joints (CVJs) at another plant in the Zilina Region.
Hyundai Wia said it decided on the relocation to respond preemptively to a mid- to long-term increase in output at the Slovak unit and to secure a stable production base.
With the new plant up and running, Hyundai Wia aims to further raise its share of the European markets for drivetrain parts and automotive thermal management components.
The plant can produce up to 800,000 constant velocity joints and up to 280,000 coolant modules a year. The company plans to expand CVJ capacity by as much as fivefold through continued investment, and to broaden its product lineup to include heating, ventilation and air conditioning (HVAC) modules.
Through the Slovak unit, Hyundai Wia supplies constant velocity joints and thermal management parts to global automakers including Hyundai Motor (005380) and Kia (000270). It will supply components for battery electric vehicle models such as Kia's EV2 and EV4, accelerating its push into Europe's electrification market. In line with that, the company plans to increase its workforce from 98 at present to about 410 by 2030.
The ceremony was attended by Kwon, Slovak Economy Minister Denisa Sakova, Labor Minister Erik Tomas, Zilina Region Governor Erika Jurinova, Martin Mayor Jan Danko and South Korean Ambassador to Slovakia Kwon Ki-hwan, along with other Slovak government and diplomatic officials, representatives of major customers and suppliers, and local media.
