Hyundai Mobis sets sights on growth in Europe
Hyundai Mobis, the South Korean automotive supplier belonging to the Hyundai Motor Group, presented its European expansion strategy ‘Mobis Mobility Move 2.0’ at the IAA Mobility. This year, the company wants to grow by 50 per cent in the European market and then by more than 30 per cent each year.
Hyundai Mobis says it is confident of being able to expand rapidly in Europe, pointing among other things to the recent contract signed with Volkswagen. “We expect orders from the region will more than double compared to last year. By 2030 we are aiming for an annual sales growth of over 30% in the European market,” expresses Axel Maschka, Executive Vice President and Head of Business Division at Hyundai Mobis. Growth is to be driven by the three areas of electrification (“battery/power electronics”), chassis (“X-By-Wire”) and connectivity.
Hyundai Mobis also mentions a concrete financial target: incoming orders in Europe should reach the mark of 1.29 billion US dollars (about 1.2 billion euros) in 2023, which would correspond to said doubling of the value from 2022. In the first half of this year, the company says it has already received orders for electric vehicle parts (such as its camera sensors for advanced assistance systems) from major European manufacturers. The aforementioned major order from Volkswagen for battery systems is likely to fall in the second half of the year.
At the Munich show these days, Hyundai Mobis is showing, among other things, its battery system installed in the Kia EV9, including power electronics, and its next-generation electric platform, the e-CCPM (Electric Complete Chassis Platform Module). The company also announces that it is developing a new 800-volt battery system and a third-generation power electronics system suitable for high-performance electric vehicles.
In the chassis area, Hyundai Mobis plans to enter the European car market with the “X-By-Wire” technology. With X-By-Wire, essential functions such as steering and braking are converted from mechanical to electronic control. “This next-generation chassis technology expands the flexibility of vehicle architecture, design and space utilisation,” expresses the supplier from Japan, which states that it intends to develop the full range of by-wire solutions, “including Electronic Steering (Steer-By-Wire), Electronic Braking (Brake-By-Wire), and Independent Rear Wheel Steering”.
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