Hyundai Mobis will innovate its business structure to secure future technological competitiveness and long-term growth. It will shift its focus from automotive component hardware to software and make its business model platform-oriented.
In accordance with the Hyundai Motor Group’s future strategy in electric vehicles, autonomous driving and Urban Air Mobility (UAM), Hyundai Mobis reinforces its technologies as a leading affiliate.
On March 31, Hyundai Mobis invited local and foreign media to the ‘2021 Hyundai Mobis Strategies and New Technologies Conference’ at the R&D headquarters in Korea and announced its mid to long-term transformation strategy for sustainable growth.
“In the automotive industry, which is quickly evolving into a mobility platform ecosystem, the role of automotive suppliers needs to change as well,” Jung Soo-kyung, Executive Vice President and Head of the Planning Division, said while making a presentation at the conference. “We will expand our business as a leading company in platform-based systems that have integrated hardware competitiveness with software,” he added.”
At the conference, the company also disclosed new mobility solutions, the urban shared mobility concept cars, M.Vision X and M.Vision POP, and demonstrated new technologies.
The mid-to-long-term growth strategy (Transformation X-Y-Z), presented by Hyundai Mobis, will be implemented largely in three directions.
First, ‘Transformation X’ is set to innovate continuously as a global enterprise for future growth. Hyundai Mobis will use its core technological competencies in autonomous driving, electrification, and connectivity to expand its business to global automakers.
Secondly, ‘Transformation Y’ is to innovate its business model with its core technological competencies. The company will expand its business scope in the new mobility service market to meet customer needs.
Thirdly, Transformation Z is set to find long-term new growth businesses related to conducting new businesses based on innovative technologies. Hyundai Mobis will secure long-term growth engines in areas other than the existing automotive business in preparation for at least ten years into the future.
“Currently, we are looking for a business cooperation in the UAM business with the Hyundai Motor Group and reviewing areas that Hyundai Mobis can enter as well as other business models. It is expected that it will be possible to utilise the business competencies of Hyundai Mobis to the electric propulsion system and avionics in the UAM business,” he said.
It seems that Hyundai Mobis is adding the manufacturing and sale of aerial mobility components and robot components to its business.