Hyundai Mobis Reports Operating Profit of 2.3593 Trillion KRW in 2019, Up 16.5% Year-on-Year

Electric Parts Sales Reach 2.8 Trillion KRW... "Battery Assembly Lines Operating in Czech Republic and Slovakia"

[Asia Economy Reporter Kim Ji-hee] Hyundai Mobis announced on the 30th that its operating profit last year reached 2.3593 trillion KRW. This represents a 16.5% increase compared to the same period the previous year. During this period, sales increased by 8.2% to 38.0488 trillion KRW, and net profit rose by 21.5% to 2.2943 trillion KRW.

A Hyundai Mobis official explained, "The increase in sales of electrification parts and the expansion of exports to global automakers appear to have driven the performance," adding, "Additionally, the North American Ohio plant, which had temporarily shut down production lines for a year to supply new car modules, resumed operations from the end of the first quarter last year, which also contributed."

Sales of electrification parts have maintained a growth rate of over 50% annually in recent years. Hyundai Mobis first surpassed 1 trillion KRW in sales in the electrification parts sector in 2017, achieved 1.8 trillion KRW in 2018, and reached 2.8 trillion KRW last year. Accordingly, Hyundai Mobis plans to expand its electrification parts business this year as well.

A Hyundai Mobis official stated, "We will start operating battery assembly lines in the Czech Republic and Slovakia, key production bases in Europe, to supply electrification parts," and added, "From this year, we will mass-produce BSA (battery system assembly parts including battery packs and controller coolers), an integrated battery part, and plan to expand it as Hyundai Mobis's foothold for electrification parts in the European market."

It is also notable that exports to global automakers excluding Hyundai Kia Motors have expanded. Last year, Hyundai Mobis secured orders for core parts worth 1.76 billion USD, a 5.9% increase from the previous year, with more than half, approximately 1.04 billion USD, coming from the North American market.

Hyundai Mobis has set a target of 2.73 billion USD in orders from global automakers this year. The company plans to actively target global premium brands in regions such as Europe.

Meanwhile, Hyundai Mobis's sales in the fourth quarter of last year were 10.4037 trillion KRW, and operating profit was 634.4 billion KRW. These figures represent increases of 7.9% and 9.1%, respectively, compared to the same period the previous year.

This content was produced with the assistance of AI translation services.