The Korea Herald


Hyundai Mobis secures record orders from global carmakers

By Yu Ji-soo

Published : Jan. 31, 2023 - 15:05

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Hyundai Mobis logo (Hyundai Mobis) Hyundai Mobis logo (Hyundai Mobis)

Hyundai Mobis, a car parts maker under Hyundai Motor Group, announced Tuesday that it received a record-breaking $4.7 billion of orders from global automakers last year. This is the company’s greatest feat since it first entered the international automotive parts market in the early 2000s.

The company surpassed its initial goal of $3.8 billion by 25 percent and achieved a near-double increase compared to 2021 earnings, which were valued at $2.5 billion. Overseas orders do not include those from its sister carmakers Hyundai and Kia.

The upsurge is accredited to stable management of global production facilities, aggressive marketing tactics, and key account management teams for customer support. These efforts led to large-scale orders for value-added components such as advanced assistance system integrated products and orders from major brands across North America and Europe.

Hyundai Mobis has set its 2023 target to $5.4 billion, which it plans to achieve through continued implementation of bold sales strategies and alignment of customer and market demands.

“Global automakers are highly interested in our state-of-the-art technologies and award-winning products," said Axel Maschka, executive vice president of sales at Hyundai Mobis. "We expect the company to grow by about 15 percent this year based on our strong trust with not only existing customers, but new ones as well.”