South Korea’s largest automotive components manufacturer, Hyundai Mobis, said it was restructuring some of its operations to improve efficiency and strengthen long term planning, according to local reports.

The Hyundai Motor Group affiliate said it was merging its electrification and modules divisions with the aim of also cutting costs following slower-than-expected growth in global EV demand. The company said it also wanted to increase long term growth opportunities in its electrification business by combining the R&D expertise of its modules division.

The company has also decided to separate its lighting operations from its chassis safety division to better target growth opportunities in the global automotive lighting market.

Hyundai Mobis until last month was structured in five divisions: electrification, modules, chassis safety, automotive electronics and service/aftermarket components.

From today, the company will operate under the following divisions: electrification and modules, chassis safety, lighting, automotive electronics and service/aftermarket components.

Hyundai Mobis has also simplified its overall R&D structure to improve efficiency, from the current set up of labs, sectors and cells to offices and teams, with the company now expected to “deal with changes more quickly”. The company further decided to integrate functions within its purchasing, development and new vehicle quality operations to improve efficiency.