Hyundai Mobis (KRX 012330) won a record-braking number of orders that add up to $4.7 billion from global automakers in 2022. This is the greatest achievement since the company began to fully engage in the global auto components market in the early 2000s.
Hyundai Mobis’ global orders, called non-captive orders, excluding orders from Hyundai Motor and Kia, has contributed to the highest annual sales in the company history, worth $42 billion (KRW 51 trillion) in 2022.
The dramatic increase in the expansion of global order is the result of large-scale orders for value-added components, such as advanced assistance systems (ADAS) integrated products. The electrification component order from a global automaker is also in progress, which is a significant move forward.
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Increasing new orders from major brands in North America and Europe were also the impetus behind this remarkable feat. In the past, the majority of overseas orders were mostly from North America and Asia. However, the company explains that specific brands and products regarding new deals are not disclosed due to the industry practices.
Hyundai Mobis’ global orders has increased consistently over the years. The amount of global orders totaled $1.8 billion in 2020, $2.5 billion in 2021, and soared to $4.7 billion in 2022, which nearly doubled last year. It surpasses the company’s target amount of $3.8 billion for 2022 by 25%. Hyundai Mobis now set an ambitious goal of reaching $5.4 billion in 2023.
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The company is recently reinforcing new mobility products in electronic, lamps, and IVI products to meet the increased market demand for the latest innovations, including autonomous technologies and next generation displays. Electrification components are another flagship line for targeting global automakers.
Axel Maschka, executive vice president of sales at Hyundai Mobis, said, “Global automakers are highly interested in our state-of-the-art technologies and award-winning products. We expect the company to grow by about 15% this year based on the strong trust with not only the existing customers, but also new customers.”
The 44 stable local production bases around the globe, the key account management (KAM) teams for dedicated support for the local customers and aggressive marketing activities were the driving force of new orders in 2022. The company will continue its bold sales strategy by aligning customer and market needs in 2023.
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