SEOUL, Sept. 5 (Yonhap) — Hyundai Mobis Co., South Korea’s leading auto parts maker, stated on Tuesday that it is on track to meet its order goal of $1.29 billion from Europe due to the increasing demand for electric vehicle (EV) components.
Hyundai Mobis’ order goal for Europe is more than two times the amount of the previous year’s accomplishment of $605 million in light of the electrification trend in the automobile industry.
“The Mobis core solution will be a major factor in the European automotive market as it shifts to electric. By 2030, we are aiming for an annual sales growth of over 30 percent in the European market,” Executive Vice President Axel Maschka in charge of global sales division at Hyundai Mobis said in a statement.
In order to secure parts orders from Europe, Hyundai Mobis has showcased its battery system assembly, power electric system and electric complete chassis platform module at Munich’s IAA mobility show from Sept. 5-10.
In addition to the EV parts, the company will promote the steer-by-wire, brake-by-wire, rear wheel steering and the vehicle to everything technologies to European customers, the statement said.
For the entirety of this year, Hyundai Mobis is aiming to gain $5.36 billion worth of orders from global carmakers except for its captive buyers, Hyundai Motor Co. and Kia Corp., up from $4.65 billion won orders last year.
Hyundai Mobis generates around 90 percent of its sales from Hyundai Motor and Kia, with 10 percent coming from other carmakers.
Hyundai Mobis, Hyundai Motor and Kia are major affiliates of Hyundai Motor Group. Hyundai Mobis owns a 21.43 percent stake in Hyundai Motor.
A photo provided by Hyundai Mobis Co. of its logo (PHOTO NOT FOR SALE) (Yonhap)
kyongae.choi@yna.co.kr
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