Hyundai Mobis Co., globally ranked as the sixth-largest automotive parts maker, is poised for another year of substantial growth in overseas sales. Coming off a banner year where the company achieved its highest-ever international orders, Mobis is setting its sights even higher for 2024. The Korean automotive parts giant reported a record $9.2 billion in parts and component orders from foreign automakers in 2023, nearly double the previous year’s record figures.
This surge in orders, surpassing the initial target of $5.4 billion by 72%, is largely credited to the company’s lucrative deal with Volkswagen AG. Hyundai Mobis secured a multi-billion dollar contract to supply Volkswagen with battery system assemblies (BSAs), a crucial component in electric vehicles (EVs), for the German automaker’s next-generation clean vehicle platform.
Looking ahead to 2024, Hyundai Mobis aims to achieve $9.3 billion in overseas sales. The company’s strategy focuses on delivering core electrification parts, automotive electric and electronic devices, lamps, and chassis systems. Hyundai Mobis is particularly known for its innovative offerings, such as augmented reality head-up displays (AR-HUDs), advanced driver assistance systems (ADAS), rear wheel steering systems (RWS), and rollable displays.
These ambitious targets reflect Hyundai Mobis’s commitment to leading in the electrification era and its ability to adapt to the rapidly evolving automotive industry. The company’s continued success in securing large-scale international orders showcases its competitiveness and the growing global demand for advanced automotive technologies, particularly in the realm of electric vehicles.
