Hyundai Mobis Expands Territory Beyond Group... "Global Auto Parts Powerhouse"

Non-Group Sales Proportion Increased from 6.4% to 10.4% Over 3 Years

Hyundai Mobis is increasing its overseas customers beyond Hyundai Motor Group in line with the transition to the future mobility market.

According to industry sources on the 26th, Hyundai Mobis's core parts order performance increased about fourfold in three years, from $2.52 billion (approximately 3.5238 trillion KRW) in 2021 to $9.22 billion last year. This year is also expected to see steady growth. In particular, the proportion of customers outside the group affiliates in core parts sales has been expanding every year, rising from 6.4% in 2021 to 10.4% last year.

Hyundai Mobis emphasized that this is the result of setting future growth directions and implementing a large-scale order strategy as the business environment and corporate conditions changed. A Hyundai Mobis official explained, "First, by expanding the supply of growth-contributing product groups, we increased sales targeting global automakers to diversify future revenue sources. Additionally, as next-generation growth engines, we prioritized investment and technological leadership in new technologies and businesses such as electrification, advanced driver assistance systems (ADAS), autonomous driving, in-vehicle infotainment (IVI), and connectivity."

Hyundai Mobis's sales to automakers last year amounted to $37 billion. In particular, electrification sales surpassed 12 trillion KRW for the first time ever, highlighting growth in future strategic areas. To this end, Hyundai Mobis has invested more than 1 trillion KRW annually in research and development over the past three years. Last year, it invested 1.6 trillion KRW. The number of R&D personnel has also increased every year, and as of the first quarter of this year, Hyundai Mobis's domestic and overseas R&D workforce stands at about 7,300.

As a result, Hyundai Mobis ranked 6th in the global automotive parts industry for three consecutive years. It was listed for the first time in the 'Global Most Admired Companies' selected by the U.S. economic media 'Fortune.' Only four Korean companies made this list, and Hyundai Mobis is the only one in the automotive sector.

Hyundai Mobis is demonstrating its technology to various clients at CES 2024, the world's largest electronics exhibition held in Las Vegas, USA, last January. Photo by Hyundai Mobis