Six-fold Growth
Hyundai Mobis reached its annual order target early by succeeding in landing big orders for parts from China and the US, the world's top two automakers, in August this year.
Hyundai Mobis announced on August 26 that the company received orders of US$4.8 billion in total from China and the US by August.
Hyundai Mobis succeeded in reaching its annual target of US$4.4 billion four months earlier than originally planned. With this trend holds, it is expected that the company will achieve orders of US$6 billion by the end of the year. Orders are also expected to grow six-fold this year from $1 billion last year.
In particular, Hyundai Mobis succeeded in securing new customers in China while the South Korean automakers suffered from a severe slump in China. Hyundai Mobis plans to supply an external amplifier for vehicle audio to China's largest private car maker, the Geely Automotive Group. This marks the first time that Hyundai Mobis wins an external amplifier order in addition to orders for modules, lamps, braking devices and electronic products in overseas markets.
Geely is a fast-growing Chinese company and in 2010, the automaker acquired Volvo, a leading luxury brand in North Europe. The amplifier order which Hyundai Mobis received this time is said to be supplied to a global premium crossover vehicle of the Geely Motor Group. This vehicle is also known to share its platform with Volvo cars so it is expected that the status of Hyundai Mobis will also rise.
On top of that, Hyundai Mobis decided to supply electronic parking brakes (EPBs) and rear lamps to other Chinese car makers.