Hyundai Mobis bags record $4.6 bn orders from global carmakers

South Korea's Hyundai Mobis, a key affiliate of Hyundai Motor Group, last year enjoyed its best year in orders received from abroad.

The company on Tuesday said it raked in $4.6 billion dollars (5.7 trillion won) last year in orders from global makers of finished vehicles excluding Hyundai Motor Co. and Kia Corp.

The amount is nearly double that in 2021 and the highest since the early 2000s, when the company started competing for overseas orders for key automotive parts.

"The growth in overseas orders was thanks to the setup of a stable production base abroad and the impact of aggressive marketing to secure orders centered on specialized sales organizations. The emergence of electrification parts as the main products driving orders was also effective," a Hyundai Mobis source said. 

Hyundai Mobis' success in landing global orders for core parts was thanks to its marketing toward finished vehicle manufacturers abroad excluding Hyundai Motor and Kia.

Releasing its 2022 business results last week, Hyundai Mobis said its sales of 51.9 trillion won were the highest in the company's history.

In addition, Hyundai Mobis last year won major orders from North America, Europe and China for high value-added core parts like an advanced driver assistance system. Most of the company's overseas orders used to come from North America but the client scope has been expanded to major European brands.

Hyundai Mobis last year saw its global order volume nearly double to $4.6 billion, a huge leap from $1.7 billion in 2020 and $2.5 billion in 2021. This year's target is an ambitious $5.3 billion.

"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," said Axel Maschka, the company's executive vice president of sales.

Write to Hyung-Kyu Kim at khk@hankyung.com