Hyundai Mobis has reported overseas orders exceeding KRW 10 trillion (US$9.22 billion) in 2023.

It secured record orders from overseas automakers in North America and Europe last year, a 72% increase over the initial target of US$5.36 billion, marking the company’s highest-ever order performance.

The firm says it attributes this growth to multi-trillion won orders for electrification components from European automakers.

It succeeded in obtaining an order from German automotive brand last year for the Battery System Assembly (BSA), a key electrification component.

This battery system is slated for integration into the German automaker’s next-generation electric vehicle platform.

Hyundai Mobis plans to establish a new production base near the automaker’s factory in Europe to ensure a stable supply of components.

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The firm says sustained and proactive investment in research and development has also been a critical factor in boosting overseas order performance. Its R&D investment last year reached KRW 1.59 trillion, an increase of about 16% from the previous year.

For 2024, Hyundai Mobis plans to actively pursue new customers overseas, focusing on strategic components such as electrification, electrical systems, lamps, and chassis.

This year’s order target is set at US$9.34 billion.