Hyundai Mobis Co., South Korea's leading auto parts maker, said Tuesday it is on track to achieve this year's order target of US$1.29 billion from Europe on the back of rising demand for electric vehicle (EV) parts.
Hyundai Mobis' order target for Europe is more than double from the previous year's achievement of $605 million amid an electrification push across the automobile industry.
"The Mobis core solution will play a significant role in the European automotive market as it shifts to electric. By 2030, we are aiming for an annual sales growth of over 30 percent in the European market," Executive Vice President Axel Maschka in charge of global sales division at Hyundai Mobis said in a statement.
To win parts orders from Europe, Hyundai Mobis has displayed its battery system assembly, power electric system and electric complete chassis platform module at Munich's IAA mobility show due Sept. 5-10.
On top of the EV parts, the company will promote the steer-by-wire, brake-by-wire, rear wheel steering and the vehicle to everything technologies to European customers, the statement said.
For the whole of this year, Hyundai Mobis targets to win $5.36 billion worth of orders from global carmakers except for its captive buyers, Hyundai Motor Co. and Kia Corp., up from $4.65 billion won orders last year.
Hyundai Mobis earns about 90 percent of its sales from Hyundai Motor and Kia, with 10 percent coming from other carmakers.
Hyundai Mobis, Hyundai Motor and Kia are major affiliates of Hyundai Motor Group. Hyundai Mobis owns a 21.43 percent stake in Hyundai Motor.
Source: Yonhap News Agency