Shinhwa, a leading automotive manufacturer, made a significant investment of $42 million in 2020 by opening its first manufacturing plant in Auburn. The plant brought with it many job opportunities, and since then, Shinhwa has expanded with two large projects dedicated to aluminium part production for electric vehicles.
The first plant will be utilized for assembly, while the third plant will be an aluminium melting plant. Yoonho Lee, the company's president, expressed great satisfaction in Shinhwa's partnership with Telsa Motors, which will be used to produce collaborative EV aluminium components for the Electric vehicle giant.
Auburn was the perfect location for Shinhwa, according to the Deputy Director of Economic Development for the city of Auburn, Arndt Siepmann. Shinhwa has plans to continue building new facilities each year up to 2030 and beyond.
The rapid growth in the electric vehicle market will make Auburn an important player in the Automotive industry, and Shinhwa is excited to be a part of it. The need for lightweight aluminium parts is rising with the increasing demand for electric vehicles (EVs), as battery-run cars cannot afford to be like conventional cars. To be easily manoeuvrable, the designers are incorporating more and more lightweight materials like carbon fibre and aluminium alloys into the initial blueprint.
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