A new factory producing rare-earth permanent magnets is expected to be built in Gumi. The project is estimated to cost KRW 350 billion and is intended to meet demand from electric vehicles, robots and other applications. The project is reportedly being advanced jointly by 2 local governments and the business operator.
Gumi City said on the 30th that it plans to work with North Gyeongsang Province and コリアモーション to proceed with construction of a new factory producing rare-earth permanent magnets.
The factory is expected to cost KRW 350 billion and is planned to produce magnets for use in electric vehicles, robots and other applications.