Hyundai Mobis, the sixth largest global automotive supplier, this week introduced its expansion strategy in the North American market during a press conference at the North American International Auto Show (NAIAS). According to Axel Maschka, executive vice president and head of Hyundai Mobis Global OE Sales, the two keywords of the company’s growth strategy are “Plant Expansion” and “Value Expansion.”
Hyundai Mobis says it will first plan to expand its production facilities across the globe for prompt and timely supply to global automakers. At the press conference, Maschka said that “Hyundai Mobis will construct more EV dedicated sites here in the region, and we will invest in EV components, and battery system assemblies to allow rapid and environmentally optimized local production.”
Currently, Hyundai Mobis operates 44 production bases, with North American facilities located in Alabama, Georgia, Ohio, and Michigan.
During the presentation, Hyundai Mobis announced its goal of driving a compound annual growth rate (CAGR) of 36% in the North American market through the year 2030. Hyundai Mobis has reported steady growth in total order volumes over the past few years, with $660 million USD in 2020, $1.4 billion USD in 2021, and $1.7 billion USD in the first half of 2022.
