SEOUL -- Hyundai Mobis Co., the top parts supplier to the Hyundai-Kia Automotive Group, wants more business with other automakers, especially the Detroit 3.
By 2015, Mobis wants carmakers other than Hyundai Motor Co. and Kia Motors Corp. to account for 40 percent of its North American sales, compared with 30 percent last year, said Suh Kyung-soo, director of strategy and planning. Most of that increase will come from Chrysler Group and General Motors, he predicted. Ford Motor Co. is the only Detroit automaker not supplied by the South Korean parts maker.
Winning customers in North America besides Hyundai and Kia is expected to help boost Mobis' global sales 42 percent over the next decade, Suh said. The Seoul company forecasts worldwide sales of $26 billion in 2011 and targets business of $37 billion in 2020, he said. Suh did not offer regional sales forecasts for North America. But he said that market would be the company's fastest growing sales center over the next decade, followed by Europe.
Mobis has grown rapidly in recent years on booming sales at Hyundai and Kia. Mobis ranks No. 12 on the Automotive News list of the top 100 global suppliers with worldwide parts sales to automakers of an estimated $11.21 billion in the fiscal year that ended March 31, 2010. Last month, Mobis said it wants to crack the top 10 as early as this year.
Electronics, multimedia systems and active safety technologies will fuel Mobis' North American expansion, Suh said. The company's products also include chassis, cockpit and front-end modules, engine control devices and braking systems.
Mobis, which has four North American factories in Alabama, Georgia, Michigan and Ohio, has no plans to build another by 2015, Suh said. But that could change, he said, if Hyundai or Kia decides to build a plant there to meet surging demand.
Mobis owns 21 percent of Hyundai Motor Co., which owns 34 percent of Kia Motors Corp. Kia owns 17 percent of Mobis. Mobis also owns 20 percent of Kia's plant in West Point, Ga., that builds the Kia Sorento and Hyundai Santa Fe SUVs.