Hyundai Mobis stays on global top 10 supplier list, eyes $7.4b in new orders
The recognition comes amid continued uncertainty in the global automotive industry, including economic volatility and a shifting pace in vehicle electrification.
The annual ranking by US-based Automotive News evaluates the top 100 global auto parts suppliers based on sales to automakers in the previous year, excluding aftermarket revenue. In 2024, Hyundai Mobis reported approximately 45 trillion won ($32.8 billion) in sales, placing it behind Bosch, Denso, Magna, ZF and CATL.
Since entering the global top 10 in 2011, Hyundai Mobis has steadily climbed the ranks through aggressive R&D investment and a focus on high-value components for future mobility. With the growing demand for electric vehicles, the company has proactively adapted to evolving consumer and industry needs.
For 2025, Hyundai Mobis plans to invest 2.02 trillion won ($1.63 billion) in R&D, marking a 16 percent increase from the previous year. Its global R&D workforce exceeded 7,700 as of the first quarter.
Hyundai Mobis also revealed its new corporate vision this year: 'Lead the Shift in Mobility, Move the World beyond Possibilities,' signaling its ambition to go beyond traditional parts manufacturing.
With a stable global production base, the company has set a target of $7.44 billion in new orders for 2025, aiming to further solidify its position as a global mobility leader.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
4 hours ago
- Korea Herald
BOK halts easing cycle to counter soaring home prices
Central bank keeps rates steady, citing debt risks over growth concerns The Bank of Korea held its base rate steady Thursday, aiming to rein in mounting household debt amid a resurgent property market. The central bank maintained the rate at 2.5 percent. The rate freeze was supported by all six members of the Monetary Policy Board excluding BOK Gov. Rhee Chang-yong, whose individual vote is not disclosed. Amid the financial authorities' move to impose strict lending regulations, such as capping mortgage loans at 600 million won ($437,000) in the Greater Seoul area, the BOK has also signaled its intent to curb the debt surge by keeping the base rate unchanged. "Housing prices, especially in the Seoul metropolitan area, are rising faster than they did in August last year," BOK Gov. Rhee Chang-yong said at a press conference held shortly after the rate-setting meeting. 'The policy priority lies in stabilizing the market expectation and managing household loans to prevent a rise in housing prices,' Rhee said. A sharp increase in household loans could pose a threat to the country's financial stability by heightening the risk of nonperforming loans, while also dampening overall consumption. 'The mounting household debts entail many side effects. The amount of the loan has already neared a tipping point that poses constraints on consumption and overall growth,' Rhee said. Driven by increased housing transactions and soaring home prices, outstanding household loans at banks stood at 1,161.5 trillion won at the end of June — the largest monthly gain in 10 months — according to central bank data released on the previous day. "The BOK has long held the view that the scale of a rate cut should be carefully managed so as not to fuel further increases in property prices," Rhee said. The rate hold puts the brake on BOK's recent rate-cut cycle. Since October, the bank has been alternating between rate cuts and holds, bringing down the policy rate by a cumulative 1 percentage point to support the sluggish economy. The widening Korea-US interest rate gap, now at a record 2 percentage points, is another key factor in the central bank's cautious stance. With the US Federal Reserve expected to hold its rate this month, an additional rate cut by the BOK would have widened the differential to 2.25 percentage points, raising concerns over foreign exchange market volatility. "It is not that the Korea-US rate gap should not exceed a certain level mechanically," Rhee said, underlining that the central bank does not adhere rigidly to a specific threshold in setting its policy. "While the dollar is expected to remain on a weakening trend, we will need to closely monitor the situation, though Korea's dependence on US monetary policy has lessened compared to the past." Though the BOK kept the rate steady Thursday, market analysts viewed the central bank remains on track for a rate cut cycle. 'The Korea-US rate gap is concerning, but solely waiting for a rate reduction from the US is not viable. The external policy burden is expected to ease significantly once the tariff negotiations scheduled for Aug. 1 are confirmed,' said Yoon Yeo-sam, an analyst at Meritz Securities. 'While the rate cut could be delayed until October as the BOK assesses the impact of the real estate policies, the possibility of a rate cut in August remains high, provided the low-growth trend does not change significantly,' Ahn Ye-ha, an analyst at Kiwoom Securities, viewed.
Korea Herald
5 hours ago
- Korea Herald
Hyundai Card names sales chief as new CEO
Hyundai Card, the credit card unit of Hyundai Motor Group, has nominated Cho Chang-hyun, head of card sales operations, as its next CEO. The company's executive nomination committee selected Cho as the sole candidate on Wednesday, with final approval to be made at an upcoming shareholders meeting. Once confirmed, he will lead the firm alongside Vice Chairman and co-CEO Chung Tae-young. Cho joined Hyundai Card in 2004 and has since held leadership roles across key divisions including marketing, product planning and sales. He became an executive in 2016 and has overseen a wide range of operations, from the company's two flagship products — General-Purpose Credit Card and Private Label Credit Card — to the finance and corporate business divisions. He currently leads the card sales operations division. 'Cho has demonstrated strong capabilities in managing strategy from planning through execution, and has shown balanced leadership in achieving sales targets while effectively controlling risk,' the company said in a disclosure. 'We believe he is the right person to deliver strong results amid an increasingly competitive financial landscape by identifying future business opportunities, expanding customer touchpoints and enhancing service competitiveness.' His deep expertise in the PLCC business was a key factor in his nomination, amid growing pressure on the segment. Cho is set to replace current CEO Kim Deok-hwan, who offered to resign before the end of his term in March 2026. Industry reports have linked Kim's early departure to instability in the company's PLCC business. Hyundai Card has positioned itself as a leading player in the PLCC sector, which not only fosters customer loyalty but also enables the company to build valuable data assets — an area it has increasingly prioritized. However, the business faces growing uncertainty. Hyundai Card's exclusive six-year PLCC partnership with Starbucks Korea — one of its flagship partners — is set to expire later this year. The coffee chain is reportedly exploring alternative partners, raising the risk of a high-profile loss for the card issuer. To navigate these challenges, the company is turning to Cho, a seasoned PLCC strategist it credits with having driven the business' advancement. Under his leadership, Hyundai Card expanded its PLCC partner network across nearly 20 sectors and maintained steady growth, reinforcing the firm's broader push into data science collaboration.
Korea Herald
5 hours ago
- Korea Herald
LS Electric to showcase next-gen power solutions at Elecs Vietnam 2025
LS Electric said Thursday it is participating in the upcoming Elecs Vietnam 2025 exhibition, bolstering its efforts to penetrate the ASEAN power solutions market. At the event, scheduled for July 16 to 18 at the Saigon Exhibition and Convention Center in Ho Chi Minh City, LS Electric will present its next-generation power management system integrated with a smart grid distribution solution and ultra-high voltage transformers. Leveraging its world-leading manufacturing capabilities in power electronics-based inverters known for high energy efficiency, the company plans to showcase an advanced energy storage system platform alongside locally tailored ESS products. A key feature of this platform is the modularization of its power electronics building block in 200-kilowatt units, allowing for easy power scaling and flexible applicability without needing to redesign the entire system. Additionally, LS Electric will unveil IoT-based digital technology solutions for energy optimization, including its digital twin smart factory platform, 'Smart Management Insight,' asset management systems, the energy efficiency management platform 'GridSol CUBE,' and the power facility integrated management platform 'GridSol CARE.' The company will also introduce the 'LS SHE (Safety, Health, Environment) with AI' platform, an artificial intelligence-based safety control solution that integrates and analyzes real-time data from smart safety devices and camera monitoring. LS Electric aims to expand its presence in the ASEAN power infrastructure market, capitalizing on Vietnam and Indonesia as strategic bases. Vietnam, in particular, has been pushing for renewable energy generation projects under its 8th Power Development Plan, launching policies to build smart grids for enhanced efficiency and stability. Since entering Vietnam in the mid-1990s, the company has maintained its leadership position with a market share exceeding 40 percent in the low-voltage power equipment sector since 2013. In 2023, LS Electric significantly increased its production capacity in Vietnam from $25 million to $40 million annually by relocating its Bac Ninh facility to the Yen Phong Industrial Complex. The company has diversified its business across the entire power system industry by acquiring Symphos, an Indonesian power equipment supplier, and expanding into high-end products such as ultra-high voltage gas-insulated switchgear. 'We aim to solidify our position as the leading company in Vietnam -- a top-three market for Korean power suppliers -- and firmly establish our business capabilities for ASEAN customers,' stated an official from LS Electric. 'With aggressive investments in local power systems and high-end strategic products such as transformers and ESS, we will deepen our reach into the ASEAN region, emerging as a global data center hub.'
