The sharp increase in global business is due to large-scale orders for advanced driver assistance systems (ADAS) integrated products from automakers in North America and Europe.
Hyundai Mobis has reported record-breaking business orders totalling $4.7 billion from global automakers in 2022. This is the highest since the company began to fully engage with the global automotive components market in the early 2000s.
Hyundai Mobis’ global orders, termed as non-captive orders, excluding orders from Hyundai Motor and Kia, have contributed to the highest annual sales in the company history. Its global business has increased consistently over the years. From $1.8 billion in 2020 to $2.5 billion in 2021, and to $4.7 billion in 2022, business contracts have nearly doubled last year and surpass the company’s targeted $3.8 billion for 2022 by 25 percent. Hyundai Mobis now set an ambitious goal of reaching $5.4 billion in 2023.
According to the company, which has 44 local production bases around the world, the sharp increase in global business is due to large-scale orders for value-added components such as advanced driver assistance systems (ADAS) integrated products. The electrification component order from a global automaker is also in progress. Hyundai Mobis is also increasingly receiving new business from major automotive brands in North America and Europe. In the past, the bulk of its overseas orders was mostly from North America and Asia.
Axel Maschka, executive vice-president of sales at Hyundai Mobis, said, “Global automakers are highly interested in our state-of-the-art technologies and award-winning products. We expect the company to grow by about 15% this year based on the strong trust with not only the existing customers, but also new customers.”
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