South Korean auto parts maker Hyundai Wia Corporation announced it had won KRW700bn (US$596m) worth of supply contracts with automakers in North America and Europe, according to local reports.
Hyundai Wia is a core supplier to the Hyundai Motor Group of complete engines, transmission systems and chassis modules including drive shafts and suspension systems.
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It also makes machine tools and defence equipment.
Hyundai Motor Group controls almost 39% of the Hyundai-Wia shares, with executive chairman Euisun Chung directly holding a further 1.95% of the equity.
The supplier confirmed this week it had won new contracts to supply constant velocity joints (CV joints) to luxury carmakers in the US and Europe, without providing details for confidentiality reasons.
It added it was currently negotiating additional CV joint supply contracts with other European and North American automakers.
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By GlobalDataHyundai Wia said the new contracts it had signed would help it raise its share of the global automotive CV joint market to 10% by 2022 from 8% at present.
