Hyundai Mobis, a player in the automotive industry and a subsidiary of the Hyundai Motor Group, has unveiled its comprehensive European expansion strategy, titled ‘Mobis Mobility Move 2.0,’ at the IAA Mobility event. The company is poised to make significant inroads into the European market with an ambitious growth plan, aiming for a 50% increase in 2023, followed by sustained annual growth rates exceeding 30% in the coming years.
Hyundai Mobis’ confidence in its European expansion is bolstered by recent strategic agreements, including a noteworthy contract with Volkswagen. Axel Maschka, Executive Vice President and Head of Business Division at Hyundai Mobis, stated, “We expect orders from the region will more than double compared to last year. By 2030, we are aiming for an annual sales growth of over 30% in the European market.” The driving forces behind this growth strategy encompass three key areas: electrification, chassis innovations through “X-By-Wire” technology, and advanced connectivity solutions.
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Notably, Hyundai Mobis has set a specific financial target for its European operations, with incoming orders in Europe expected to reach a staggering $1.29 billion USD (approximately €1.2 billion) in 2023. This ambitious goal represents a doubling of order value compared to the previous year. In the first half of 2023, the company reported a surge in orders for electric vehicle components, such as camera sensors for advanced driver assistance systems, from major European automakers. Additionally, the eagerly anticipated major order from Volkswagen for battery systems is anticipated to materialize in the latter half of the year.
At the IAA Mobility event in Munich, Hyundai Mobis showcased several key innovations, including its advanced battery system featured in the Kia EV9, complete with cutting-edge power electronics. The company also unveiled its next-generation electric platform, known as the e-CCPM (Electric Complete Chassis Platform Module). Hyundai Mobis further revealed its ongoing development efforts in the form of an 800-volt battery system and a third-generation power electronics system tailored for high-performance electric vehicles.
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In the realm of chassis technology, Hyundai Mobis is set to make its presence felt in the European automobile market with its innovative “X-By-Wire” technology. This groundbreaking approach entails transitioning crucial vehicle functions, such as steering and braking, from mechanical to electronic control. The company believes that this next-generation chassis technology will offer unparalleled flexibility in vehicle architecture, design, and space utilization. Hyundai Mobis has committed to developing a full spectrum of by-wire solutions, encompassing Electronic Steering (Steer-By-Wire), Electronic Braking (Brake-By-Wire), and Independent Rear Wheel Steering, thereby showcasing its commitment to pioneering advancements in the automotive sector.
