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April 27, 2010

SOUTH KOREA: Hyundai Mobis opens African base as Q1 leaps

Hyundai Mobis Co has opened a logistics centre in Alexandria, Eygpt to meet growing demand for components in Africa.

Hyundai Mobis Co has opened a logistics centre in Alexandria, Eygpt to meet growing demand for components in Africa.

According to a statement from the South Korean autoparts maker, the centre is targetting sales of US$70m this year and about $200m in 2016.

The statement said that demand for auto parts is increasing in Africa as the continent purchases more vehicles made by Hyundai Motor and its affiliate Kia Motors Corp.

The Korea company also unveiled record first quarter earnings this week. Revenues reached 3.25 trillion won ($2.94bn), up 58.3% on last year. This led to 406bn won of operating profit and 541.6bn won of net profit, a leap of 84% on last year’s first quarter.

The company said that the success of its core components such as braking devices, motor driven power steering and lamps were the cause of the success.

 

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