- Parts maker aims to raise sales by 5.4% - Prepares for the next 30 years with strong growth, profitability, technologies
Marking its 30th year since founding, Hyundai Mobis Co. (www.mobis.co.kr) prepares for the next 30 years by boosting its growth momentum, profitability and technological power under the slogan “change and innovation to bolster global competitiveness.”
At an executive seminar held on March 26 at the company’s technological research center in Yongin, Gyeonggi Province, Mobis said it targets 8.61 trillion won in domestic sales this year, up 5.4 percent from last year.
The parts maker seeks to uplift productivity through innovation at its factories, aggressive marketing in the auto markets of China and North America and laying groundwork for an integrated inventory control system.
Overseas sales are projected to surge 29 percent to $4.9 billion as local production begins in Slovakia, India and the United States. The company is also increasing the number of its logistics bases that supply automotive parts for Hyundai and Kia cars around the world.
Hyundai Mobis plans to build a second module plant in Jiangsu, China, to churn out 300,000 cockpit, chassis and front-end modules annually, and an Indian factory with an annual capacity of 600,000 modules or functional sets of automotive parts.
Along with the global expansion of Hyundai Motor Co. and Kia Motors Corp., the parts maker broke ground for module plants in the Czech Republic and the southern U.S. state of Georgia. Focused on establishing a global supply chain, Mobis successfully signed a contract last year to sell complete chassis modules to Chrysler. The Korean company seeks to expand module supply to global automakers and parts makers.
As for the after-market parts supply business, Mobis is set to launch new logistics bases in Korea, India, South America and Europe while applying the bar code system to production sites abroad to control product deliveries, maximize efficiency and better manage technical information.
Having set 2007 as the year of “change and innovation to bolster global competitiveness,” Mobis seeks to raise cost competitiveness, develop new growth engines and innovate upon its management system.
While improving productivity at its factories around the world, the company plans to better develop and manage smaller partner companies, cut costs and concentrate on manufacturing core parts that can lead future growth.
Mobis said it will try to stabilize new business areas, settle an operational process and an assessment system driven by incentives to give an impetus to the organization.
Hyundai Mobis business plans for 2007
Photo: About 100 executives and business division heads of Hyundai Mobis take part in the management strategy seminar held on March 26 at the company’s research center in Yongin, Gyeonggi Province.