Hyundai Mobis aims to win $1 bn in China orders in 2023

South Korea's leading auto parts supplier Hyundai Mobis announced that it will win $1 billion this year in China, the world's largest electric vehicle market. The plan is to exceed last year's record of $900 million in orders with Hyundai Mobis' own electric vehicle platform optimized for electric cars.

Hyundai Mobis unveiled its electric vehicle market strategy at this year's Shanghai International Motor Show, aka Auto Shanghai 2023 on Wednesday. The company attracted attention by introducing 24 new electronic equipment technologies, including integrated cockpit solutions, electronic steering systems, and holographic augmented reality head-up displays (AR HUDs) at this year's auto show.

Hyundai Mobis plans to use Auto Shanghai 2023 as a stepping stone for expanding into the local Chinese market. The company will meet with the CEOs and executives of more than 80 finished car companies, including BYD, BMW and Stellantis, to discuss orders at a private booth.

The company highlighted its strength in being able to respond to all aspects of product planning, development, orders and production in the local Chinese market, with seven production bases, three research centers, and local corporations and sales offices.

Hyundai Mobis also unveiled its chassis platform optimized for electric cars, called "e-CCPM," at this year's auto show. It is an integrated solution for electrification that combines brakes, steering, batteries and more into an aluminum frame that can be adjusted in size as needed.

"We will create new customer value through global product competitiveness and stable local sales and production organizations in China, where the speed of the transition to electric cars is faster than any other country," said Axel Maschka, the company's executive vice president of sales.

Write to Nan-Sae Bin at binthere@hankyung.com