Hanon Systems secures $7.3 mil. funding from Canada for EV parts plant

Hanon Systems, a global auto parts maker under Korea's Hankook & Company Group, said Friday it has secured 10 million Canadian dollars ($7.1 million) in government funding to support its first electric compressor plant and research center in Canada. Innovation, Science and Economic Development Canada, a federal department, announced the funding for Hanon Systems' Canadian unit to back the facility in Vaughan, Ontario, part of the Greater Toronto Area. The project, including Hanon Systems' own direct investment of 155 million Canadian dollars plus related costs eligible for federal funding, totals 198.75 million Canadian dollars. The plant will focus on vapor-injected electric compressors for electric and hybrid vehicles, with capacity to produce up to 1.5 million units a year by 2034. The funding comes through Canada's Strategic Response Fund, part of the government's push to strengthen the domestic electric vehicle supply chain and support its broader zero-emission vehicle strategy. "This new Hanon Systems facility will be a key hub driving innovation in Canada's electrified parts manufa