Auto Parts

Chairman Jeong Mong-won (1st row, 7th from left) and CEO Sung Il-mo pose with attendees after their Mando Corporation global business conference at Halla Human Resources Development Center in Giheung, Gyeonggi Province, from July 9 to 12.
Chairman Jeong Mong-won (1st row, 7th from left) and CEO Sung Il-mo pose with attendees after their Mando Corporation global business conference at Halla Human Resources Development Center in Giheung, Gyeonggi Province, from July 9 to 12.

 

Mando Corporation, South Korea's auto parts manufacturer, announced on July 13 that it expects to achieve target sales this year of 5.3 trillion won (US$4.68 billion) during their 2015 global business conference.

Holding the global business conference at Halla Human Resources Development Center in Giheung, Gyeonggi Province, from July 9 to 12, the company said that it will achieve its goal and improve operating profit rates this year, as sales are expected to recover in the second half of the year due to a pattern of low growth in the first half and high growth in the second half.

The company has already secured new orders worth 7 trillion won (US$6.18 billion) in the first half of the year and surpassed this year’s goal of 10.2 trillion won (US$9.01 billion), expected to hit a record high. As the medium and long-term goals of the company are also rapidly materializing, Mando said that it will accomplish 9 trillion won (US$7.95 billion) of sales by 2020 and more than 7 percent of operating profit rates to secure its position as a leading global auto parts supplier.

The company is also strengthening the Chinese market invasion. Aggressively targeting Chinese automobile brands, including Geely, which established a joint venture called Mando Ningbo in China, Mando plans to grow Mando China Holdings into a company with 3 trillion won (US$ 2.65 billion) of sales by 2020, which is at a similar level with Mando Korea.

An official from Mando said, “Even though the Chinese market are slowing in the short run, two digit profit rates are still possible. Our core strategy is to decrease the share of Hyundai and Kia Motors in the global market, and develop the next-generation technology items in advance.”

The 2015 global business conference was attended by its 60 executives including Chairman Jeong Mong-won, CEO Sung Il-mo, general managers in Korea, China, the U.S., India, and Europe, and the heads of subsidiaries in the automobile sector of the Halla Group.

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