Hyundai Mobis capitalised on the global electrification trend and achieved a record-breaking overseas business performance in CY2023.
Exceeding its annual target significantly, Hyundai Mobis announced securing orders worth US$9.22 billion from overseas automakers in North America and Europe last year. This remarkable achievement, marking a 72% increase over the initial target of US$5.36 billion, represents the company’s highest-ever order performance.
The substantial surge in Hyundai Mobis’ overseas orders in the past year is credited to the acquisition of multi-trillion won orders for electrification components from European automakers. Notably, Hyundai Mobis obtained an order from Volkswagen for the Battery System Assembly (BSA), a critical electrification component intended for integration into the German automaker’s next-generation electric vehicle platform. To ensure a stable component supply, Hyundai Mobis plans to establish a new production base near Volkswagen’s factory in Europe.
Continued and proactive investment in research and development has also played a pivotal role in enhancing overseas order performance. Hyundai Mobis’ R&D investment last year reached KRW 1.59 trillion, marking a 16% increase from the previous year. The company consistently boosts its R&D expenditure annually to secure differentiated product competitiveness in core future mobility areas such as electrification, autonomous driving, and connectivity.
Focusing on strategic components like electrification, electrical systems, lamps, and chassis, Hyundai Mobis plans to actively pursue new overseas customers this year. With a concentration on key electrification components that have led to substantial orders, the company aims to bolster its order portfolio with products featuring 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 maintain last year’s robust momentum.
To strengthen its hold on overseas orders, Hyundai Mobis engaged in aggressive sales activities at CES 2024 earlier this month, holding discussions with various global customers. The company showcased 20 types of mobility technologies immediately applicable to mass production, including transparent displays and 22Kw integrated charging control modules (ICCU).
