Renault plans new EV plant at its Busan site in Korea7. September 2023
French carmaker Renault S.A. plans to build a new EV plant in South Korea to meet rising demand for environmentally friendly vehicles in Asia. Renault, the world’s fourth-largest carmaker, plans to build the plant with an annual production capacity of 200,000 EVs in Busan, where the French company already has a manufacturing base. In many cases, products from the fields of batteries and electromobility in general require KC Certification for Korea in order to be approved for import and sale there.
The news was announced by Guido Haak, vice-chairman of the Renault Group during a meeting with Busan Mayor Park Heoong-joon in Paris. Park went to Paris as part of a delegation with South Korean President Yoon Suk Yeol to attend the General Assembly of the Bureau International des Expositions (BIE). The BIE is the organiser of the “Expo” fairs, and South Korea is bidding with Busan for the Expo in 2030. Busan is a long-standing Renault site, where seven car models and around 250,000 vehicles a year currently rolling off the production line.
According to Renault Vice President Haak, the Busan plant is an important location for the carmaker. If the project is successfully executed, Renault would be the first foreign car brand with its own EV production in South Korea. Industry insiders estimate that Renault will invest more than €773 million in the construction. Taking into account the construction period, experts say the EV plant could start operations in early 2027. An official at the French company’s South Korean subsidiary, Renault Korea Motors Co, said the EV production facilities will be located in existing facilities.
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