Hyundai Mobis expands South Korean electric vehicle parts plant capacity

On August 26, South Korea’s largest auto parts manufacturer Hyundai Mobis stated that it would invest 36 billion won (approximately US$30 million) to expand its production capacity for electric vehicle parts.
Hyundai Mobis has invested more than 300 billion won in its electric vehicle parts plants in Chungju and Ulsan, South Korea. The Chungju plant mainly provides core components for Hyundai’s hydrogen fuel cell vehicles, while Ulsan is the main plant of Hyundai Motor. location.
Hyundai Mobis said in a statement that the company plans to start producing 150,000 electric vehicle modules per year at its third electric vehicle parts factory, which is located in Pyeongtaek, about 70 kilometers south of Seoul, by 2026 In 2012, the annual production capacity of the plant will be doubled. In addition to the expansion of the factory, Hyundai Mobis will also increase investment to develop chassis modules and smart cockpit systems suitable for both autonomous vehicles and pure electric vehicles.
Hyundai Mobis is a major subsidiary of Hyundai Motor Group, and 90% of its sales revenue comes from Hyundai Motor and Kia Motors. With the rapid development of the electric vehicle industry, Hyundai Mobis has also begun to seek external cooperation. Executives of Hyundai Mobis said that the company is in contact with two global automakers to discuss cooperation in the supply of electrified parts. The company hopes to increase the output of parts and reduce the price of electric vehicles. Ahn Byung-ki, senior vice president of powertrain business at Hyundai Mobis, said: “We were unable to supply other companies in the past because we were busy keeping up with the development of Hyundai Motor. Now, the situation has changed. If we increase external sales, the product The overall price will fall. This will benefit everyone-us, global automakers and Hyundai.”
In the first half of this year, due to the impact of the new crown virus epidemic on automobile production and sales, Hyundai Mobis’s net profit fell 48% year-on-year to 583.5 billion won from 1.13 trillion won in the same period last year.