[
THE INVESTOR]
Hyundai Mobis, South Korea’s largest automotive parts supplier, aims to target American and Japanese automakers to widen its business beyond local affiliates
Hyundai Motor and
Kia Motors.
Hyundai Mobis, which is highly dependent on local automakers, plans to increase sales of its auto parts to non-Korean manufacturers by 1.5 times by 2025, local news reported on July 25.
According to reports, Hyundai Mobis’ overseas sales account for only about 10 percent of total sales, while the remaining 90 percent is generated by sales to Hyundai and Kia.
“We are currently discussing to supply new parts to American and Japanese carmakers,” an official of Hyundai Mobis said.
In order to attract new customers in other countries, the company will focus on marketing its key products such as lamps, steering parts and multimedia electronic parts.
The company recently expanded its auto parts factory in Mexico, which is seen as a move to grow in the global market. In October last year, Hyundai Mobis also built a new research and development center in Michigan, US.
By Ahn Sung-mi (
sahn@heraldcorp.com)