I'm goin' home, and when I want to go home, I'm goin' Mobis. South Korean autoparts giant Hyundai Mobis keeps drivers mobile with automotive modules and systems, including chassis, brakes, air bags, telematics, and electronic devices. Established as a container manufacturer in 1977, the Hyundai (HMC) affiliate has since reinvented itself as a leading auto parts manufacturer, supplying components in all Hyundai and Kia vehicles; other customers include BMW, GM, and Chrysler. The company has taken aggressive steps toward expanding beyond its Korean borders, with forays into Japan, China, and Eastern Europe. Mobis markets its products in North America, Australia, Southeast Asia, the Middle East, and Europe.
Hyundai Mobis is aiming to be among the top five global auto parts makers by 2020. It is especially pushing to fuel its growth by expanding its global presence; it launched a new module plant in the Czech Republic in September 2009. The company is growing organically and planning to spend ₩1.2 trillion (a little over $1 million) on research and development of auto electronics technology.
While over 90% of Hyundai Mobis' sales revenues are generated by Hyundai and Kia, sales to other car manufacturers are steadily increasing. The company was awarded a number of contracts in 2009: Chrysler is ponying up $2 billion for the supply of chassis modules; BMW wants rear lamps; and Cadillac needs parking brakes. The deals with BMW and GM alone are valued at approximately $90 million.
Hyundai Mobis is also looking to expand through partnership agreements and joint ventures. The company allied with Continental Automotive in 2009 to develop new automotive electric and electronic technologies, as well as share customer, market, and technology information. It also partnered with Samsung to develop LEDs (light-emitting diodes) for headlamps. Later in the year Hyundai Mobis formed a joint venture with LG Chem to develop and produce lithium-ion battery packs for hybrid and electric cars; Hyundai Mobis holds a 51% share in the venture.
The company, whose name is derived from the combination of "Mo"bile and "Sys"tem, holds a stake in HMC in excess of 20%. In May 2009 Hyundai Mobis won shareholder approval to merge with its electronics components sister business, Hyundai Autonet. The acquisition builds the company's slate of products, adding in vehicle audio and navigation systems. – less