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Hyosung to Invest 1 Tril. Won to Ramp up Carbon Fiber Production
A Core Material for Hydrogen Fuel Cell Cars
Hyosung to Invest 1 Tril. Won to Ramp up Carbon Fiber Production
  • By Jung Min-hee
  • August 21, 2019, 14:24
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​​Hyosung chairman Cho Hyun-joon​
​​Hyosung chairman Cho Hyun-joon​

Hyosung Group plans to ramp up production of carbon fiber, one of the core materials for hydrogen fuel cell cars, by investing a total of 1 trillion won by 2028. The group aims to join the ranks of the world's top three carbon fiber makers and create more than 2,300 jobs through this investment.

Hyosung announced a new investment plan in a ceremony held at the carbon fiber plant of Hyosung Advanced Materials Corp. in Jeonju, North Jeolla Province, on Aug, 20 in the presence of President Moon Jae-in and Hyosung chairman Cho Hyun-joon.

The Hyosung carbon fiber plant in Jeonju, North Jeolla Province

Hyosung plans to expand its carbon fiber production volume from the current 2,000 tons (one line) to 24,000 tons (10 lines) by investing a total of 1 trillion won by 2028. The plant would be the world's largest of its kind, the company explained.

The company is already building one additional line of 2,000 tons for completion in January next year. It will start a full operation beginning in February. If 10 lines are added by 2028, the company's global market share will rise from 2 percent to 10 percent, boosting its global ranking from the current 11th to third.