Hyundai Wia to create new subsidiaries: Movient, Teczen

South Korea's second-largest auto parts maker Hyundai Wia Corp. announced on Thursday that it will establish two subsidiary companies, "Movient" and "Teczen," to specialize in module and component manufacturing, respectively.

Hyundai Wia held an extraordinary board meeting on the same day and approved the establishment of Movient and Teczen.

Movient will focus on producing automotive chassis and platform modules, targeting the latest trends in vehicle design.

Teczen, on the other hand, will concentrate on manufacturing essential components like engines and constant velocity joints, reinforcing Hyundai Wia’s core manufacturing capabilities.

Scheduled to officially commence operations in early February next year, Hyundai Wia will hold complete ownership and management of both subsidiaries.

This strategy reflects the company’s confidence in these ventures and its commitment to specialization in key automotive areas.

The names "Movient" and "Teczen" are indicative of their respective focuses and ambitions. Movient, combining "Module" and "Convenient", aims to enhance automotive functionality through innovative module solutions.

Teczen, a blend of "Technology" and "Zenith", aspires to reach the apex of automotive component manufacturing.

With facilities planned across multiple locations in South Korea, Movient and Teczen are expected to employ about 2,300 people, contributing significantly to local economies.

Through the inception of Movient and Teczen, Hyundai Wia is not only looking to stabilize its module and component production but also to bolster its technological prowess, quality, and independent operational capabilities in sales and procurement.

Write to Nan-Sae Bin at binthere@hankyung.com