Tech Division of Hyundai Hyundai Mobis announces EV growth strategy

Tech Division of Hyundai Hyundai Mobis announces EV growth strategy

News Summary:

  • Similar to the relationship between Denso and Toyota, Hyundai Mobis supplies a wide range of components and technologies, such as chassis, safety products, and electronic stability control components, to Hyundai Motors Corporation, including Kia and Genesis. Compared to other auto parts suppliers, Hyundai Mobis is still relatively young, but it is on the rise as Hyundai and its affiliates have become the third largest automaker in terms of volume. global sales (3.3 million as of the first half of 2022), behind Volkswagen (4 million) and Toyota (5.1 million).

  • Hyundai Mobis, a supplier of parts and technology to South Korean automakers such as Hyundai, Genesis, Kia and others, has revealed its strategy to expand electric vehicles in North America. As demand for electric vehicles continues to grow, the world’s sixth-largest parts supplier says strong production capacity will be essential, which is why it is rapidly increasing capacity. Founded in 1977 as Hyundai Precision Industry, the parts supplier later changed its name to Hyundai Mobis in 2000.

In addition, the auto supplier, which initially sold exclusively to the Hyundai group, has expanded sales to other automakers such as Ford and GM. In fact, Hyundai Mobis has just been honored by GM as Supplier of the Year for the fifth consecutive year. Hyundai Mobis leads the way in electrification and EV components, introducing cutting-edge technology such as a prototype e-angle module that combines steering, brakes, suspension, and drivetrain. The Korean automaker has successfully sold electric models to date (27,000 units as of May), including Hyundai’s IONIQ 5 and Kia’s EV6.

Hyundai Mobis plans to participate in the North American plan to accelerate the adoption of electric vehicles. Executive Vice President of Automotive Suppliers Axel Maschka explains: With this in mind, Hyundai Mobis has four U.S. manufacturing facilities so far in Alabama, Georgia, Ohio, and Michigan, and plans to introduce a new “EV components” manufacturing site to further bring into operation. On top of that, the Korean auto supplier has revealed its game plan to boost North American sales through new technologies.

It plans to capture 7% of the global electric vehicle market (1.87 million vehicle sales) by 2030, with multiple electric vehicle models released across all brands. Hyundai recently announced plans to accelerate its electric vehicle construction in the United States. It looks like its technology and parts division will follow as Hyundai Mobis reveals plans for rapid expansion in North America. After President Biden signed the Inflation Cut Act, along with other climate initiatives, he is creating a hotspot for electric vehicle construction and the supply of battery components in the United States.

Hyundai Mobis was quick to point to its success in mass production of other electric vehicle components, such as battery systems for the e-GMP platform, to ensure its confidence in the transition. Upcoming. The technology provider has seen steady growth over the past few years, with total order volume reaching $1.7 billion in the first half of 2022, up from $660 million in 2020.

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