Hyundai Mobis, the top auto parts manufacturer in South Korea, announced its intention to increase investment in electric vehicle (EV) components and automotive chips this year.
Hyundai Mobis, South Korea’s leading auto parts manufacturer, announced plans to significantly increase its investment in electric vehicle (EV) components and automotive chips this year. The company revealed this strategy during Mobis Mobility Day in Silicon Valley, where it showcased its technological advancements and future visions to business partners.
Mitchell Yun, a representative from Mobis Ventures Silicon Valley—the company’s innovation hub aimed at nurturing startups with advanced technologies—reported that Hyundai Mobis intends to expand its investment in EV parts in 2024, as reported by Yonhap news agency. Yun stated that such projects would constitute about 70% of the company’s total investment, a notable increase from the current 50%.
Despite a temporary slowdown in global demand for EVs, Yun emphasized that the industry is ultimately moving towards eco-friendly vehicles. He also highlighted the company’s commitment to enhancing its investment in automotive chips, underlining the necessity of securing a stable semiconductor supply chain amidst recent shortages.
Yun mentioned that Hyundai Mobis is exploring investments not only in startups but also in publicly traded companies. However, he did not disclose specific investment amounts.
In contrast, the company plans to significantly reduce its investment in self-driving technologies due to the limitations and high costs associated with achieving a fully autonomous driving system.
