Electric Vehicle Division Sales Exceed 9 Trillion Won... 58% Increase Year-on-Year
[Asia Economy Reporter Suyeon Woo] Hyundai Mobis set a new record last year by surpassing annual sales of 50 trillion KRW. This was driven by the first-time achievement of over 9 trillion KRW in sales from the highly profitable electrification sector, leading to overall performance growth.
Hyundai Mobis announced on the 27th that it recorded sales of 51.9063 trillion KRW, operating profit of 2.0265 trillion KRW, and net profit of 2.4872 trillion KRW last year. Sales increased by 24.5% compared to the previous year, while operating profit decreased by 0.7%.
Sales in the core businesses of module and key parts manufacturing reached 41.6965 trillion KRW last year, up 25.3% from the previous year. Among these, sales in the electrification sector grew by more than 50% year-on-year to 9.6759 trillion KRW. Last year marked the first time that annual sales in the electrification sector exceeded 9 trillion KRW.
Hyundai Mobis’s electrification division produces eco-friendly vehicle parts using proprietary technology and supplies them to global automakers including Hyundai Motor Company and Kia. As sales of eco-friendly vehicles by Hyundai Motor Company and Kia significantly increased last year, Hyundai Mobis’s electrification parts performance also improved accordingly.
For the fourth quarter of last year, Hyundai Mobis recorded sales of 14.9945 trillion KRW, operating profit of 660.4 billion KRW, and net profit of 636.6 billion KRW. Sales increased by nearly 30% year-on-year, while operating profit and net profit rose by 24.9% and 14.9%, respectively.
Hyundai Mobis plans to continue diversifying its customer base and product portfolio this year, and to strengthen its global business foundation through localization by operating specialized sales organizations at regional hubs. In particular, Hyundai Mobis expects to expand global orders for its ADAS (Advanced Driver Assistance Systems) product lineup by enhancing capabilities in semiconductors and autonomous driving through strategic collaboration with global semiconductor company Qualcomm.
Meanwhile, earlier this month, Hyundai Mobis participated in CES 2023 held in Las Vegas, USA, where it unveiled its new brand slogan, "The one for all mobility," representing "tomorrow’s mobility encompassing every moment of movement." Through this, the company revealed its vision to evolve into a "platform provider" offering integrated mobility solutions.
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