SEOUL, Aug. 26 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s biggest auto parts maker, said Wednesday it will invest 36 billion won (US$30 million) in expanding its output capacity of electric vehicle components.
Hyundai Mobis has already invested more than 300 billion won in EV parts plants in the central city of Chungju — where it mainly produces core parts for Hyundai Motor Co.’s hydrogen fuel-cell electric vehicles — and the southeastern industrial city of Ulsan, home to the main plants of its captive buyer Hyundai Motor.
Hyundai Mobis plans to begin producing 150,000 units a year of EV modules in the third EV parts plant in Pyeongtaek, some 70 kilometers south of Seoul, in the second half of 2021, the company said in a statement.
The company said it aims to double the output capacity in the Pyeongtaek plant by 2026.
On top of the plant expansion, Hyundai Mobis will increase investments in developing chassis modules and smart cabin systems not only for autonomous vehicles but for all-electric models, it said.
Hyundai Mobis is a key affiliate of Hyundai Motor Group, along with Hyundai Motor and Kia Motors Corp. It earns 90 percent of its overall sales from the two carmakers.
From January to June, its net profit fell 48 percent to 583.5 billion won from 1.13 trillion won in the year-ago period as the COVID-19 pandemic affected vehicle production and sales.