South Korean auto supplier Hyundai Mobis Co. said on Thursday it was considering separating its modules and key parts production businesses into new wholly owned units in an effort to enhance each segment's expertise and maximize efficiency.
Hyundai Mobis, an affiliate of automaker Hyundai Motor Co., said in a regulatory filing it aims to hold a board meeting in September to approve plans to separate the businesses, expected to be launched in November.
The new units will be in charge of manufacturing operations, including facility and labor management, while the central management of the company will be focusing on securing future mobility technologies, as well as developing new products.
Hyundai Mobis ranks No. 6 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $29.1 billion in 2021.