Hyundai Mobis Logs Record USD 9.2 billion Overseas Orders in 2023

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Jan 29, 2024, 08:00 ET

Achieved core auto component orders worth USD 9.22 billion (KRW 12.2 trillion) from global automakers last year, exceeding the target by 72%
Expanded performance through large-scale orders of electrification components... This year's order target set at USD 9.34 billion
Plans to continuously acquire new customers by focusing on strategic products such as electrification, electrical systems, and chassis, primarily in North America, Europe, and Japan

SEOUL, South Korea, Jan. 29, 2024 /PRNewswire/ -- Hyundai Mobis (KRX 012330) has rewritten the history of overseas orders for global automakers by capitalizing on the 'electrification' trend last year. Surpassing its annual target significantly, Hyundai Mobis has inaugurated the era of overseas orders exceeding KRW 10 trillion. The company plans to continue this momentum, focusing on future mobility core components in its order acquisition strategy this year.

Hyundai Mobis successfully secured orders worth USD 9.22 billion (approximately KRW 12.2 trillion) from overseas automakers in North America and Europe last year. This achievement, a 72% increase over the initial target of USD 5.36 billion, marks the company's highest-ever order performance.

The explosive increase in Hyundai Mobis' overseas orders last year was significantly attributed to securing multi-trillion won orders for electrification components from European automakers. Hyundai Mobis succeeded in obtaining an order from German automotive brand last year for the Battery System Assembly (BSA), a key electrification component. This battery system is slated for integration into the German automaker's next-generation electric vehicle platform. Hyundai Mobis plans to establish a new production base near the automaker's factory in Europe to ensure a stable supply of components.

Hyundai Mobis has built continuous trust with various global major automakers. The customer trust, stable mass production quality, and local production operations have led to remarkable overseas order achievements.

Sustained and proactive investment in research and development has also been a critical factor in boosting overseas order performance. Hyundai Mobis' R&D investment last year reached KRW 1.59 trillion, an increase of about 16% from the previous year. The company increases its R&D expenditure annually, securing differentiated product competitiveness in core future mobility areas such as electrification, autonomous driving, and connectivity.

This year, Hyundai Mobis plans to actively pursue new customers overseas, focusing on strategic components such as electrification, electrical systems, lamps, and chassis. Centered around key electrification components that have opened the floodgates for large-scale orders, the company intends to strengthen its order portfolio with products incorporating various cutting-edge technologies, including Augmented Reality Head-Up Displays (AR-HUD), Advanced Driver Assistance Systems (ADAS), independent rear-wheel steering systems (RWS), and rollable displays. Hyundai Mobis has set an ambitious target of USD 9.34 billion for core auto component orders from global automakers this year, aiming to continue last year's robust momentum.

To tighten its grip on overseas orders, Hyundai Mobis actively engaged in aggressive sales activities at CES 2024 earlier this month, meeting with various global customers. At this year's CES, Hyundai Mobis set up a dedicated space for customers, showcasing 20 types of mobility technologies immediately applicable to mass production, including transparent displays and 22Kw integrated charging control modules (ICCU).

About Hyundai Mobis

Hyundai Mobis is the global no. 6 automotive supplier, headquartered in Seoul, Korea. Hyundai Mobis has outstanding expertise in sensors, sensor fusion in ECUs and software development for safety control. The company's products also include various components for electrification, brakes, chassis and suspension, steering, airbags, lighting, and automotive electronics. Hyundai Mobis operates its R&D headquarters in Korea, with four technology centers in the United States, Germany, China and India. For more information, please visit the website at http://www.mobis.co.kr/

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SOURCE Hyundai Mobis