Hyundai Mobis targets 40 percent foreign orders by 2033

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Hyundai Mobis targets 40 percent foreign orders by 2033

Published: 13 Mar. 2025, 15:21

SARAH CHEA
[email protected]

Audio report: written by reporters, read by AI

Hyundai Mobis CEO Lee Gyu-suk speaks about the company's new vision at its research center in Yongin, Gyeonggi, on March 13. [HYUNDAI MOBIS]

Hyundai Mobis reasserted its determination to concentrate on overseas sales to place itself as a global auto parts maker by sharply reducing its dependence on sister companies Hyundai Motor and Kia.

The Korean auto parts maker on Thursday held a vision declaration ceremony and shared its commitment to log at least 40 percent of orders from foreign auto brands by 2033, a dramatic shake-up of its client portfolio. Currently, roughly 90 percent of Mobis sales come from orders from Hyundai and Kia.

Under the vision called “Lead the Shift in Mobility, Move the World beyond Possibilities,” the company also set a goal of increasing its annual sales by 8 percent every year. The vision was set through deep communication with employees after surveys, workshops and one-on-one interviews with some 700 staff.

To meet the goals, Mobis will elaborate on its competitiveness in next-generation technologies like software-defined vehicles and human-machine interfaces along with electric vehicles. Mobis has been unveiling various new technologies including the e-corner system, which combines electronic steering, braking and suspension technologies centered on the in-wheel motor.

Mobis' sales from foreign brands doubled to $900 million in 2023 from 2020. It has secured Stellantis, Volkswagen, General Motors and Mitsubishi Motors as clients for now.

“The establishment of this vision is the first step toward changes that shape the company’s future. Achieving this vision requires the active participation of the entire company, not merely the effort of a single organization or specific department. Every team and every individual must work together and drive changes for the vision,” Hyundai Mobis CEO Lee Gyu-suk said during the ceremony at the company's research center in Yongin, Gyeonggi.

BY SARAH CHEA [[email protected]]