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| Hyundai Mobis' concept car, M.Vision X / Courtesy of Hyundai Mobis |
By Kim Hyun-bin
Hyundai Mobis is moving away from its traditional auto component company image and working to transition into a leading platform and software firm to secure future growth engines within the industry.
Through a differentiated series of strategies, the company aims to secure long-term growth businesses, diversify its customer base and come up with innovative business models to fuel future growth.
Hyundai Mobis is seeking a total transformation to meet the ever-changing landscape of the current auto industry ecosystem better, the company said.
Currently, the auto industry has been going through major restructuring focusing on the keywords mobility service, automation and full self-driving (FSD). Not only carmakers, but other industries in general have been going through major changes, pressuring traditional vehicle component companies to swiftly adapt.
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| Hyundai Mobis concept car M.Vision POP / Courtesy of Hyundai Mobis |
Hyundai Mobis has revealed three transformation strategies to pave the way for continuous growth.
First, the "Transformation X" strategy is the company's initiative to become a global business. In the past, the company has shown significant growth through supporting Hyundai Motor Group and key affiliates. However, in the future, Hyundai Mobis plans to cooperate with other global carmakers, using its diverse technologies and the competitiveness it has secured over the years.
Hyundai Mobis plans to strengthen key technology sectors such as FSD, and automation and connectivity, while expanding partnerships with global carmakers, through strategic investments and open innovation.
The next planned phase is called, "Transformation Y," which is an initiative to expand into new mobility markets for customers.
Hyundai Mobis' partnership with Russian IT company Yandex aims to develop Level 4 autonomous robotaxi technology, while implementing smart factory infrastructure, using artificial intelligence and big data to increase efficiency in the new mobility services industry.
The last phase is "Transformation Z," a long-term new growth engine development strategy in the fields of urban air mobility (UAM) and robotics businesses.
