Hyundai Mobis eyes over 30% growth in Europe through 2030

MUNICH, GERMANY – Hyundai Mobis Co., an auto part-making unit of Hyundai Motor Group, is targeting average annual sales growth of 30% in Europe through 2030 on solid demand for its core electrification technologies.

“We expect orders from the region (Europe) will more than double (this year) compared to last year,” Axel Maschka, Hyundai Mobis executive vice president and head of its Business Division, said on Monday during a press conference at IAA Mobility 2023 in Munich, Germany, where he unveiled the company’s new European market expansion strategy, Mobis Mobility Move 2.0.

“By 2030 we are aiming for annual sales growth of over 30% in the European market.”

Hyundai Mobis previously set its overseas sales target for this year at $5.36 billion, of which 25%, or $1.29 billion, would be reaped in Europe. This is double last year’s sales in the region.

Maschka also announced at Europe's biggest motor show that Hyundai Mobis has already embarked on the development of an 800-volt high-voltage battery system and a third-generation power electrics (PE) system suitable for high-performance electric vehicles.

The world’s sixth-largest auto parts maker expects its core electrification solutions, such as the Battery System Assembly (BSA) and PE system, to lead the company's aggressive inroads into Europe amid the region's fast migration toward mobility electrification.

It is also betting big on its next-generation electric platform, e-CCPM, or electric complete chassis platform module, which is an integrated electrification solution fitted with the brake, steering, suspension, drive and battery systems.

Its automaking siblings Hyundai Motor Co. and Kia Corp. currently use Hyundai Motor Group's proprietary EV-dedicated platform E-GMP, or the Electric Global Modular Platform installed with the battery, motor and PE system.

INCREASING ORDERS IN EUROPE

The Korean auto part maker’s efforts to expand its presence in Europe are already paying off. 

In early August it signed a contract with Volkswagen AG to supply its BSAs to the German carmaker’s next-generation EVs.

It also won orders for automotive electric parts, including its advanced assistance system (ADAS) camera sensors from major European brands in the first half of this year, the company said.

The company has been supplying its EV chassis modules to Mercedes-Benz AG since last year.

Last week, the company announced that it would develop a 5G network-enabled next-generation connectivity module, the Multi-Functional Telematics Control Unit (MTCU) Gen.2, for Level 4 autonomous driving by using the vehicle-to-everything (V2X) chipset developed by Israeli chipset maker Autotalks Ltd.

The new module is expected to be available soon, the company said.  

Hyundai Mobis is exhibiting the latest V2X technology during IAA Mobility 2023, along with other electrification solutions such as X(Everything)-By-Wire, which transforms essential functions like steering and brakes from mechanical to electronic controls.

Visitors to the Hyundai Mobis booth can also experience the company’s other core electrification technologies installed in Kia’s latest all-electric sport utility vehicle model EV9 displayed at the booth.

Executives from major European automakers such as Volkswagen, BMW and Mercedes-Bez Group have visited its special display area, the "Private Zone," which showcases its next-generation mobility technologies including its integrated cockpit system, Hologram AR-HUD and rollable display, according to the company.

This is the second time the world’s sixth-largest auto component developer has attended IAA Mobility since its first participation in 2021.

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

Sookyung Seo edited this article.