Boom abroad for Hyundai Mobis high-tech car parts

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Boom abroad for Hyundai Mobis high-tech car parts

Hyundai Mobis said Tuesday it logged $1.7 billion worth of orders for high-tech automotive parts from non-Korean customers last year, setting a new record for overseas sales.

High-tech parts include sensors, display and lamps used for self-driving and electric cars.

Last year’s figure is a 40 percent jump from $1.2 billion worth of orders in 2017. The parts company has been rapidly expanding its global presence over the years. Orders for high-tech parts from overseas customers totaled just $500 million in 2015.

The Hyundai affiliate said the record-breaking result is largely due to increasing demand from overseas electric vehicle companies and its focus on developing future car technologies.

According to Mobis, it received nearly $1 billion worth orders, 60 percent of its total overseas orders, from electric vehicle companies in North America, Europe and China.

Many electric car companies are start-ups. A Mobis spokesperson said companies at this stage of development tend to be more aggressive when it comes to investment in technology.

Recently, Mobis signed a deal to supply steering wheel-mounted displays and smart lamps to electric car companies. The products have yet to be commercialized.

Steering wheel-mounted displays are fit in the center of the wheel.

Smart lamps will be used for communicating with pedestrians or other cars through the display of light pattern messages.

The parts maker also signed a contract to supply lateral radars to a North American company. This type of radar extends the sensing coverage of autonomous vehicles.

The company said it will continue to expand sales of high value-added electronic parts this year as global automakers increasingly rely on digital features to differentiate their products.

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