"Finding the Future in Eco-Friendly Car Parts"… Hyundai Wia Publishes First Sustainability Report

Established 'Three Major Policies for Sustainable Management' Including Future Value Creation and Win-Win Development with Partners

[Asia Economy Reporter Kim Ji-hee] Hyundai Wia has published its first sustainability report outlining its future management goals. The report also includes plans to expand its business into hydrogen fuel cell vehicle parts and collaborative robots to establish a foundation for future growth.

Hyundai Wia announced on the 6th that it has published the '2020 Sustainability Report' to share its management performance in economic, social, and environmental areas with stakeholders such as shareholders and customers. Through this report, the company also presented its goal to continue sustainable growth by focusing on parts for electric and hydrogen vehicles, smart factories, and future-oriented weapons.

Hyundai Wia has set three major policies for sustainable management: ▲creating future value through the development of eco-friendly vehicle parts ▲mutual growth with partner companies by internalizing fair trade ▲strengthening CSR by leveraging business characteristics. The strategy aims to gain an advantage amid rapidly changing industrial paradigms.

First, Hyundai Wia will enter the hydrogen fuel cell vehicle parts business with the 'air compressor.' The air compressor is an essential component that supplies air stably when generating electricity from hydrogen. Hyundai Wia plans to utilize its accumulated capabilities from mass-producing motors and turbochargers to develop the air compressor. The goal is to start production in 2023.

Additionally, the company will launch the 'integrated thermal management module' business, which manages all heat inside eco-friendly vehicles, including air conditioning. The integrated thermal management module not only adjusts the vehicle interior temperature comfortably but also provides an optimal thermal environment for key components such as motors, inverters, reducers, and batteries. Hyundai Wia plans to develop this module by 2023 through continuous investment.

In the machinery sector, Hyundai Wia will expand its business area with robots alongside smart factories. The company recently established a robot development team and is developing collaborative robots that can maximize efficiency together with operators. The plan is to expand the business into logistics robots and parking control systems suitable for the characteristics of the automotive industry.

Through this report, Hyundai Wia also conveyed its goal to strengthen win-win cooperation with partner companies. It has already established a win-win cooperation team to build a foundation for mutual growth with over 1,600 domestic and international partners, and plans to enhance education systems and R&D collaboration to support the practical growth of its partners. Considering the increasing number of partners facing financial difficulties due to the COVID-19 pandemic, Hyundai Wia has been paying the full amount of deliveries in cash within 10 days to small and medium-sized partners with annual sales under 100 billion KRW since this year.

A Hyundai Wia official said, “The sustainability report, published annually, will allow stakeholders to check Hyundai Wia’s achievements and development directions,” adding, “We will strive for sustainable development and social responsibility as a global company.”