Performance of attracting investment from global companies in the future car industry

The achievements of attracting investment from global companies in the future car industry, which Incheon City is focusing on as a key strategic industry for the future, are gradually becoming visible.

The city announced that MCNEX, a leading autonomous-driving company that joined the 1 trillion club in sales and the city succeeded in attracting investment last year, had completed the relocation of its headquarters and research center to Songdo and started work on the 4th.

▲ The city announced that MCNEX, a leading autonomous-driving company that joined the 1 trillion club in sales and the city succeeded in attracting investment last year, had completed the relocation of its headquarters and research center to Songdo and started work on the 4th. The picture is a view of MCNEX's Songdo office building (headquarters).

MCNEX is a leading company in autonomous driving technology that develops and produces image sensing autonomous driving systems including electronic components such as mobile camera modules, biometric sensors, and vehicle cameras, and it is a listed company on the KOSPI that achieved annual sales of KRW 1 trillion as of last year.

In particular, in the field of vehicle cameras used in autonomous driving technology, it has the largest market share in Korea and the fifth in the world, and is also prominent in the field of biometric technology sensors.

In October of last year, the city signed an investment attraction business agreement with MCNEX to relocate the headquarters and research center in Gasan Digital Complex, Geumcheon-gu, Seoul to Songdo, and to foster and develop the future car parts industry through autonomous driving technology R&D cooperation, etc.

▲ Autonomous-driving car developed by MCNEX (image provided by MCNEX)

After that, MCNEX purchased a new building with a total floor area of​​27,870 m² (1 basement level – 13 above ground) in Songdo Free Economic Zone(Section 7) in Incheon, relocated the head office and research center, and completed the corporate registration procedure on the 4th after passing the resolution of the general meeting of shareholders on the change of the location of the head office.

MCNEX uses the Songdo office building as a strategic base for strengthening R&D (research and development) and global marketing in the mobile and autonomous driving sector, and is currently strengthening collaboration with customers, and it is preparing for a new leap forward along with strengthening the foundation for sustainable growth.

MCNEX's earnings growth slowed down for a while last year due to the sluggishness of downstream industries due to the shortage of semiconductors and the spread of Corona 19, but this year, camera module sales are expanding thanks to the increase in smartphone sales of Samsung Electronics, a major customer. In addition, it is expected that the company will enter a high-growth zone due to the increase in sales related to autonomous driving such as advanced driver assistance systems (ADAS), and thus the overall sales and operating profit are expected to increase significantly.

▲ MCNEX Co., Ltd.'s autonomous-driving car promotional image

An MCNEX official said, “Incheon, which is transforming into the cradle of future industries such as future cars, robots, and artificial intelligence, is easy to expand business through infrastructure expansion and is the best place to create R&D synergies with related companies.” And he also added, “We plan to select outstanding talents in Incheon through the operation of employment-related programs with local universities."

As the global automobile market centered on internal combustion locomotives is rapidly changing centered on future vehicles such as electric vehicles, the city established a five-year comprehensive plan for fostering the future car industry ('22~'26) in January to lead the re-jumping of the Incheon automobile industry, which is facing a recession, and is promoting various projects.