AUSTIN (KXAN) — A South Korean-based electric vehicle manufacturer announced the selection of Buda as its first American location Tuesday, the Buda Economic Development Corporation said in a news release.
The arrival of Futronic USA Inc. will create an estimated 350 jobs, making the company Buda’s largest employer, according to the Buda EDC. The collaboration is said to be part of a larger push to attract manufacturers to the city.
Futronic’s growing footprint comes in close proximity to Tesla’s Giga Texas, located nearby in Austin.
“With over 3 million square feet of industrial spec space coming online, Buda is open for business,” Jennifer Storm, CEO of Buda EDC, said in the release.
Futronic will move into an existing 66,000 square foot commercial space. The site’s acquisition is estimated at $11 million, with a capital investment of $17 million dedicated to improvements, Buda EDC said.
“This achievement demonstrates Buda EDC’s mission to create jobs, stimulate investment, and enhance the economic vitality of the region,” said city of Buda City Manager Micah Grau said in the release.
The facility will house transmission manufacturing and power-training operations for electric vehicles. Production at the site is expected to begin by late 2025, the release said.