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South Korean auto parts giant Hyundai Mobis secures a monumental deal to supply Volkswagen AG with electric vehicle (EV) battery systems. This move marks Hyundai Mobis' significant stride into global expansion, with the company on track to hit its ambitious $5.4 billion global order for 2023. Experts highlight this as a testament to Mobis' growing international EV component dominance.
Volkswagen placed a major order for an electric vehicle battery system, and with this, Hyundai Mobis is bound to achieve its targeted $5.4 billion global order this year. The Korean firm was able to win several other major contracts overseas for EV components, and this shows that the company is well on its way to a good start for its expansion outside of its home base.
According to The Korea Times, all of the deals involve large orders from foreign carmakers for EV parts. The company said that winning these deals also confirms Hyundai Mobis' competitiveness on the international stage and not just domestically.
Hyundai Mobis is set to deliver battery system assemblies (BSA) to Volkswagen - these are key parts for the production of EVs. The battery systems are designed for installation into the upcoming next-generation electric vehicle platform of Volkswagen.
"Mobis announced on 9 that it had successfully secured an order for Battery System Assembly, an essential component of electric vehicles, from Volkswagen AG," Hyundai Mobis said in a press release. "The Battery System Assembly supplied by Mobis will be integrated into Volkswagen's next-generation electric vehicle platform."
The company further stated, "With this recent order, Mobis has obtained a stable foundation to expand its presence in the global electric vehicle market across major regions. The expansion of global production bases with proactive investment and aggressive marketing activities centered on the key account management (KAM) teams for dedicated support for the local customers were the driving force of this large-scale order for EV components."
