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Valeo will invest 73 billion won in Daegu in the field of autonomous driving systems

Valeo will invest 73 billion in Daegu in the field of autonomous driving systems

On 26th July, French automotive supplier Valeo signed an investment MOU with the Daegu city government to advance the autonomous driving market and will invest 73 billion won ($56 million) in the city, located inland in the middle of South Korea. 

Founded in 1923 and headquartered in France, Valeo is a global auto parts maker with 184 manufacturing plants, 64 R&D centers, and 16 distribution platforms in 31 countries around the world. 

With this MOU, Valeo begins building a manufacturing factory in Daegu in October that will be completed in July 2023 and will produce sensors that detect risks and warn drivers, which is eventually indispensable for advanced driver assistance systems. 

Since Daegu has been prominent in the sector of artificial intelligence, big data and blockchain industries with high accessibility to potential customers, Valeo will also establish a foreign investment corporation tentatively named ‘Valeo Mobility Korea’ in the city. 

“The city serves as an excellent auto parts production base and has a well-equipped industry-academic cooperation system,” said Stiv Smudja, the CEO of the ADAS business division at Valeo. “Valeo will actively invest technologies and assets in ‘Valeo Mobility Korea’ to make sure the company to develop,” added Smudja. 

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