Tuesday, January 5, 2010

Hyundai Mobis is growing fast

Hyundai Mobis, the world's fastest growing auto parts maker, is eyeing to become the fifth largest car parts making company in the world by 2020!

In the beginning, Hyundai Mobis has been specialized in shipping container production, but later the company reorganized itself to become a specialized automobile parts maker, supporting the Hyundai-Kia Automotive Group.

To fuel a significant part of the planned growth, Mobis is now looking to win contracts from other automobile makers.

We have already reported in September that Mobis set a record for Korea's auto parts industry when it won the largest parts supply contract ever won by a local parts maker. Mobis has won a $2 billion contract to supply chassis modules to Chrysler, which will be used in the new models of Dodge Durango and Jeep Cherokee.Both model will go into production by the end of 2010.

In addition, Hyundai Mobis also secured a three-year contract from BMW to supply rear lamps that will be used in BMW's 1-series. According to latest news from Korea Herald, Hyundai Mobis also won a contract from U.S. General Motors, to supply it with park brakes destined for future Cadillac cars. Both orders are worth around $90 million!

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