SEOUL, Sept. 5 — Hyundai Mobis Co, South Korea's leading car parts maker, said on Tuesday it is on track to achieve this year's order target of US$1.29 billion from Europe on the back of rising demand for electric vehicle (EV) parts, reported Yonhap.
Hyundai Mobis' order target for Europe is more than double from the previous year's achievement of US$605 million amid an electrification push across the automobile industry.
"The Mobis core solution will play a significant role in the European automotive market as it shifts to electric. By 2030, we are aiming for an annual sales growth of over 30 per cent in the European market," Hyundai Mobis executive vice-president (global sales division) Axel Maschka said in a statement.
To win parts orders from Europe, Hyundai Mobis has displayed its battery system assembly, power electric system, and electric complete chassis platform module at Munich's IAA mobility show due Sept. 5-10.
On top of the EV parts, the company will promote the steer-by-wire, brake-by-wire, rear-wheel steering, and the vehicle everything technologies to European customers, the statement said.
For the whole of this year, Hyundai Mobis targets to win US$5.36 billion worth of orders from global carmakers except for its captive buyers, Hyundai Motor Co. and Kia Corp, up from US$4.65 billion won orders last year.
Hyundai Mobis earns about 90 per cent of its sales from Hyundai Motor and Kia, with 10 per cent coming from other carmakers.
Hyundai Mobis, Hyundai Motor and Kia are major affiliates of Hyundai Motor Group. Hyundai Mobis owns a 21.43 per cent stake in Hyundai Motor.
— Bernama-Yonhap
