Hyundai Mobis, the car parts affiliate of Hyundai Motor Group, said it expected orders for components from global automakers to rise 15% year on year to US$5.36bn in 2023 after almost doubling to US$4.65bn last year, helped by rising demand for electric vehicle (EV) parts.

Hyundai Mobis derived 90% of its KRW51.9trn (US42bn) revenue last year from HMG which has a 21.4% stake in the company. Hyundai Mobis is South Korea’s leading parts manufacturer, supplying automakers with chassis and cockpit and chassis modules and systems, electric powertrains and electronics.

Hyundai Mobis said last year’s strong growth was helped by new contracts from North America, Europe and China, for high value added core parts such as advanced driver assistance systems.

The company noted strong overseas order growth was possible thanks also to its global production network and aggressive marketing, adding new business was also driven by rising demand for electrification parts.

Hyundai Mobis sales chief Axel Maschka said: “Global automakers are highly interested in our state of the art technology and award-winning products. We expect the company to grow by about 15% this year based on the strong trust with both existing and new customers.”