Hyundai Motor group unit Mobis has signed supply agreements worth US$1.07bn with General Motors and Chrysler Group.
Mobis said it would supply integrated centre stacks (ICS) and light-emitting diode (LED) rear lamps to GM and Chrysler respectively.
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The ICS is a core component that controls multimedia devices in a vehicle. The value-added component can only be manufactured by a small number of hi-tech companies around the world and Mobis is the only producer of the component in Korea.
Mobis will provide LED rear lamps for Chrysler’s flagship models and expects these initial agreements will lead to more orders for the automaker’s other models. The subsequent stable revenue stream will also enable more investment in R&D.
Joon-hyung Lee, head of the overseas business department of Mobis, said: “After we signed the contracts, carmakers have shown a more favourable response to our request for purchase orders and technology consultations than before… we expect our business activities toward global auto manufacturers within important markets to benefit from the agreements.”
