Hyundai Mobis has signed a US$40m deal to supply parts to Chinese carmaker Zotye Auto.
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According to the Korea Herald, the company said Chinese subsidiary Wuxi Mobis will supply 300,000 brake systems over the next five years for the Chinese firm’s Lybra sedan.
Zotye Auto was founded in 2007 and is currently preparing to produce Fiat’s multi-purpose vehicle Multipla and Lybra sedan in November.
“The latest contract has opened doors for the company to supply key components to foreign carmakers,” Hyundai Mobis vice president Yim Chae-young told the paper.
“In the future, the company will not only be looking to supply parts to foreign carmakers’ Chinese plants, but we will plan to increase our efforts to break into European and North American markets.”
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By GlobalDataThe company said that the latest deal puts the value of contracts won in China since 2006 at $160m and that it plans to raise the total to $200m this year. Previously, the company has won three contracts, including a $30m contract to supply lamps to Zotye Auto.
