High-tech Parts Lead Export Growth
Hyundai Mobis recorded the largest-ever overseas order receipts last year.
The company announced on Jan 22 that it landed orders for auto parts worth US$1.7 billion from foreign automakers last year. "The figure only includes orders for core and technology-intensive parts, excluding large assembly module products," a Hyundai Mobis official said. “It represents an increase of more than 40 percent from the previous year.”
The export increase was led by high-tech parts, which could be seen as an indicator of the company’s competitiveness in future car technologies.
The company supplied a next-generation side radar (79 GHz), which extends the sensing ranges of autonomous vehicles, to North American automakers. Other products that significantly contributed to export growth include a steering wheel mounted display that enhances communications between cars and drivers; a vehicle smart lamp; an electric steering system based on a motor whose output is 40 percent higher than its competitors; and an airbag control device that received the world’s first part safety certificate (ISO 26262).
Hyundai Mobis distinguished itself in the electric car field. The company received orders worth US$1 billion won, nearly 60 percent of its total overseas orders, from overseas electric car companies. The figure represents a 60-fold jump from the US$15 million in 2016 when the company began to export parts for electric vehicles to overseas companies.
Hyundai Mobis plans to steadily increase order receipts for high-value-added parts this year. The company’s overseas order goal for this year is US$2.1 billion, up 23 percent from 2018. To attain the goal, it will focus on securing future car technologies, including autonomous driving and connectivity, by concentrating 50 percent of its R&D investments on electronic components and devices.
The proportion of electric parts in overseas orders increased from 17 percent in 2016 to 30 percent in 2017 and topped 50 percent last year. As a result, overseas market orders have been growing every year from US$500 million in 2015 to US$1 billion in 2016 and US$1.2 billion in 2017.