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Hyundai Mobis Co. vowed to transform from a traditional auto parts maker into future mobility services and platform provider.
According to Hyundai Mobis Executive Vice President Jung Soo-kyung, auto parts makers need to structurally reform their business portfolios with carmakers integrating products and services to offer new mobility platforms.
Among the future mobility technologies it seeks to develop are autonomous driving, electrification, and connectivity. It would also explore new mobility service opportunities in global markets and develop the electrified propulsion system for urban air mobility (UAM) as a future growth driver.
Its parent Hyundai Motor Group aims to bring its UAM vehicle to the market by 2028.
The company is also planning to invest in overseas startups with advanced technologies in future car technologies and to sell its future vehicle solutions to overseas carmakers.
Hyundai Mobis had invested US$50 million in US light detection and ranging (LiDAR) company Velodyne Lidar for autonomous driving technologies to mass-produce Level 3 autonomous driving systems by 2021.
The company also introduced the M.VISION X and the M.VISION POP concept cars with the Level 4 self-driving automation technology at its R&D center in Yongin. It is targeting to launch the two-seat M.VISION POP model with the Level 3 technology within five years.
Hyundai Mobis has also partnered with Russian internet search firm Yandex to develop a self-driving robo-taxi based on Hyundai Motor Co.'s Sonata midsize sedan.
To help achieve the new strategy, the company plans to increase investments in R&D activities to 1.7 trillion won ($1.5 billion) in 2025 from the current 1 trillion won.
