Hyundai Mobis Reports 1Q Operating Profit of 490.3 Billion KRW, Up 36% Year-on-Year

Electric Vehicle Business Division Records Over 1 Trillion KRW in Sales for Three Consecutive Quarters

[Asia Economy Reporter Yoo Je-hoon] Hyundai Mobis announced on the 23rd that it recorded consolidated sales of 9.8158 trillion KRW and operating profit of 490.3 billion KRW in the first quarter. These figures represent increases of 16.5% and 35.9%, respectively, compared to the previous year.

In the first quarter of this year, Hyundai Mobis continued its strong performance in its core business areas of module and key component manufacturing. Sales in this sector rose 21.7% to 7.9524 trillion KRW. This growth was driven by the recovery of automobile demand in various countries following the COVID-19 pandemic, which led to increased production of finished vehicles, as well as the expanded supply of high value-added vehicle key components for sports utility vehicles (SUVs) and other models.

The electrification segment showed significant growth. Sales in the electrification sector surged 63.7% year-on-year to 1.1501 trillion KRW, maintaining a consecutive quarterly sales record exceeding 1 trillion KRW since the third quarter of last year.

A Hyundai Mobis official stated, "We expect to sustain growth in the electrification sector through the stable supply of key components such as the PE module and battery system, which are part of the dedicated electric vehicle platform E-GMP, officially launched this year."

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