- Comprehensive cooperation with Continental Automotive, a world-leading parts company - Joint implementation of technological development and order-receipt activities anticipated to lead to international competitiveness in technology and sales
During a recently held extraordinary shareholders' meeting, Hyundai MOBIS passed a resolution to merge with Hyundai Autonet, with an overwhelming number of shareholders giving approval. Hyundai MOBIS has now laid a foundation to advance into a global parts company by concluding a cooperative contract with the world's top automotive parts company.
Hyundai MOBIS (www.mobis.co.kr) announced that it established a 'strategic partnership' with Continental Automotive, a German parts company, with regards to engaging in comprehensive cooperation in high-tech fields, such as automotive electricity and electronics. The partnership ceremony was held at the Hyundai MOBIS headquarters located in Yeoksam-dong, Gangnam-gu, Seoul on June 4 and was attended by Hyundai MOBIS Vice Chairman Kim Dong-jin, President Jeong Seok-su, and Continental Automotive President Helmut Matschi.
Based on this contract, the two companies will share information on customer and market trends as well as technologies, and carry out joint development of new technologies and products. They will go further and jointly work on receiving orders, thereby securing international competitiveness in sales as well as technology.
The conclusion of a contract on sales cooperation along with technological cooperation is unprecedented in the global automotive parts industry. It is anticipated that this partnership will enable the two companies to strengthen their relationship and maximize synergy effects through cooperation.
Moreover, Hyundai MOBIS and Continental Automotive plan to regularly hold a technology exchange meeting to discuss technological issues to ensure continuous and mutual technological support. The two companies will also implement new technology development projects together, thereby enhancing cooperative relations in technological development.
Hyundai MOBIS has laid the foundation for early acquisition of advanced technologies in the automotive electronics field and advancement into a global parts company by concluding a cooperative contract with Continental Automotive, which has unrivaled technologies in the field, in addition to its merger with Hyundai Autonet, Korea's largest automotive electronics company.
It is also expected that Hyundai MOBIS will now be able to ramp up speed in the development of cutting-edge automotive parts, such as for hybrid and fuel cell cars, which are emerging as key elements of the future automotive industry, as well as the development of safety systems and electronic chassis.
Continental Automotive is a subsidiary of the Continental AG Group that ranked fourth among global parts companies, posting a sales volume of 25 billion dollars in 2007. It holds world-leading technologies in the chassis and safety-related electronics field.