Yonhap reports that GM Daewoo will establish an automotive test track and research and development (R&D) facilities at Incheon, one of the country’s free economic zones.
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GM Daewoo President and CEO Nick Reilly and Incheon Mayor Ahn Sang-soo have signed an agreement for the construction of ‘GM Daewoo Cheong-Na Tech Center’ at the free economic zone in the port city of Incheon, 40 kilometers west of Seoul.
GM Daewoo plans to invest US$100 million (100 billion won) in the project. The company will receive foreign direct investment worth $50 million from its main shareholder to help finance the project, the carmaker said.
The centre will consist of a test track with various road conditions designed to evaluate a vehicles performance, handling, noise and vibration levels and also a ‘climate wind tunnel’ which will simulate different climate conditions including wind, rain and snow for test driving.
“We are very pleased to have signed the definitive agreement with Incheon City,” Reilly said.
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By GlobalData“Customers can expect continued improvement in performance, quality and reliability,” he added.
The 479,146-square-meter site within the Incheon free economic zone will be ready for construction by the first half of 2006. GM Daewoo plans to complete the test track in the middle of 2007.
GM Daewoo will continue to build related research and development facilities over the next couple of years, the Yonhap report said.
