Hyundai Mobis wins combined $4.8 bn deals in China, North America

2017.09.25 15:48:55 | 2017.09.26 08:37:02
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[Photo by Hyundai Mobis Co.]

[Photo by Hyundai Mobis Co.]

Hyundai Mobis Co., South Korea’s largest automotive parts supplier, said Monday it has clinched deals worth a combined $4.8 billion in China and North America so far this year.

This figure during the January-August period is a nearly five-fold jump from the $1 billion generated in the full year of 2016.

The stellar results came despite the ongoing diplomatic spat with Beijing over Seoul’s decision to deploy a U.S. antimissile shield on the Korean soil. While sales in the world’s largest market have suffered since March from a government-led backlash, the car parts supplier succeeded in obtaining a Chinese automaker as a new client, a demonstration of its high-quality products and technological prowess, according to the company.

The affiliate of Hyundai Motor Group will supply to Chinese customers some of its main auto parts including electric car brakes and rear lamps. A notable addition to the list is the external audio amplifier, the company’s first sale of the product in the overseas market.

In North America, Hyundai Mobis said it will supply three products, one of which is a chassis module for pickup trucks, its first such sale in the region. The market for pickup trucks is big in North America, with the vehicles especially popular among Americans. Its demand has also soared in recent years on the back of the sport utility vehicle (SUV) boom.

An auto parts maker’s entry into the pickup truck market in North America is seen as a yardstick for measuring its technological advancement, said an industry source.

The two other products are DCSD and ICS, electronic parts used to operate multimedia and connecting devices. The deal would be an extension of the ongoing contracts that the company has signed with two automakers in the region in 2011 and 2016.

Shares of Hyundai Mobis closed Monday up 0.92 percent at 220,000 won.

By Lee Seung-hoon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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