International. The company announced that it plans to expand production facilities around the world, including a new electric vehicle components plant for rapid supply to area automakers.
Hyundai Mobis this week presented its expansion strategy in the North American market during a press conference at the North American International Auto Show (NAIAS).
According to Hyundai Mobis Executive Vice President and Head of Global Original Equipment Sales Axel Maschka, the two key words of the company's growth strategy are "Plant Expansion" and "Value Expansion."
Hyundai Mobis says it will first plan to expand its production facilities around the world for fast and timely supply to global automakers.
At the press conference, Maschka said, "Hyundai Mobis will build more dedicated ev sites here in the region, and we will invest in electric vehicle components and battery system assemblies to enable fast and environmentally optimized local production."
Currently, Hyundai Mobis operates 44 production bases, with facilities in North America located in Alabama, Georgia, Ohio and Michigan.
During the presentation, Hyundai Mobis announced its goal to drive a compound annual growth rate (CAGR) of 36% in the North American market through 2030.
Hyundai Mobis has reported steady growth in total order volumes in recent years, with $660 million in 2020, $1.4 trillion in 2021 and $1.7 trillion in the first half of 2022.
