KITECH Launches Mega Program to Support Automotive Transition for Regional Firms
KITECH has launched a Mega Program to aid regional automotive parts companies in transitioning from internal combustion engines to electric and hydrogen vehicle components, with Pyeonghwa Valeo as a key participant. The program offers essential testing infrastructure and promotes collaboration among local firms, aiming to enhance innovation and workforce training for a sustainable automotive industry in the Daegu and Gyeongbuk regions. Pyeonghwa Valeo has already begun this transition, achieving notable milestones such as the mass production of air compressors for Hyundai’s NEXO model.
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KITECH's Mega Program aims to assist regional automotive parts companies in shifting from internal combustion engines to electric and hydrogen vehicle components. Pyeonghwa Valeo, a subsidiary of PHC Co., Ltd., is a key participant, focusing on developing parts for Hyundai Motor's hydrogen vehicles.
The program provides infrastructure for testing and verification, addressing gaps that companies face independently. Pyeonghwa Valeo, with 2024 sales projected at 730.4 billion Korean won, has begun transitioning its product line since 2022.
Notable achievements include the mass production of air compressors for Hyundai’s NEXO model. The program emphasizes collaboration among local firms and aims for a long-term roadmap to support innovation and workforce training, ultimately fostering a sustainable automotive industry in the Daegu and Gyeongbuk regions.
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