Hyundai Mobis hopes for 1 trillion won in China orders

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Hyundai Mobis hopes for 1 trillion won in China orders

Hyundai Mobis pledged to secure parts orders worth 1 trillion won ($926 million) in China this year on the back of strong sales of its electronics auto parts such as heads-up displays and premium sound systems.

The auto parts affiliate of Hyundai Motor announced Tuesday that it has already secured orders worth $423 million in China this year as of May, which is 50 percent more than the entire orders obtained last year.

“Hyundai Mobis plans to expand Chinese orders to local carmakers amid Chinese future mobility industry and local carmakers growing at a rapid speed,” Hyundai Mobis said in a statement.

Hyundai Mobis has been showing firm growth in the Chinese market for the past three years. In 2015 it secured $124 million worth of orders, followed by $151 million and $289 million in the following years.

In anticipation of an era of autonomous cars, Hyundai Mobis said it has been focusing on the development of electronic and premium auto parts such as electronic parking brakes, motor-driven power steering, premium sound systems and heads-up displays.

Demand for heads-up displays and sound systems has risen significantly, according to Hyundai Mobis.

The company obtained $200 million worth of orders for premium sound systems alone from five Chinese carmakers in the past few years. The names of the five Chinese carmakers have not been revealed. The sound systems made by Hyundai Mobis will be installed in their cars from 2020.

Hyundai Mobis also revealed that it recently obtained a $350 million order for its heads-up displays from a local carmaker.

“We were able to expand orders by a big margin this year on the back of the success of the company’s high-tech auto parts,” said Jung Soo-kyung, chief of the corporate planning division at Hyundai Mobis.

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