Hyundai Mobis Eyes World’s Top 10 Auto Parts Maker

Hyundai logoSouth Korea’s largest auto parts maker Hyundai Mobis Co. said Monday it will seek to become the world’s 10th largest parts supplier this year through aggressive investment and overseas marketing.

The company said it will aim to boost its global sales to 26 trillion won (US$23.34 billion) this year, up 23.8 percent from its target for last year. Actual figures for 2010 are due out later this month.

Hyundai Mobis will work to sell 14 trillion won worth of goods in the local market alone this year, the company said in a regulatory filing. Domestic sales of Hyundai Mobis in the first nine months of 2010 were tallied at just over 10 trillion won.

“(Hyundai Mobis) will soon launch an R&D program to identify its globally competitive products and develop them into No. 1 products around the world,” the company said in a press release.

To this end, the company has earmarked 360 billion won for R&D as part of its investment plan for the year, worth 1.15 trillion won in total, it said.

“With its new and superior technology, Hyundai Mobis will also actively seek to win overseas orders,” said Hyundai Mobis.

The company currently has production facilities in the United States, China, India and Europe and is building additional plants in Brazil and China.

Hyundai Mobis is the largest supplier and also an affiliate of Hyundai Motor Group, the largest automotive group in South Korea consisting of Hyundai Motor Co. and Kia Motors Corp, which are seeking to boost their combined global sales by some 10 percent this year to 6.33 million vehicles.