Hyundai Mobis recorded sales of 14.2302 trillion won, an operating profit of 690.2 billion won, and a net profit of 998.1 billion won in the third quarter of this year. Compared to the same period last year, sales increased by 7.0%, while operating profit and net profit rose by 19.8% and 78.3%, respectively.

Hyundai Mobis explained, “The increase in core component supply to finished vehicles, the expansion of electrification volume, and improvements in product mix drove this sales growth. Despite rising research and development costs, normalized logistics costs and strong performance in the after-sales service business, as well as the realization of regional selling prices, led to an increase in operating profit.”

By business segment, the modules/core components division posted sales of 11.4571 trillion won, representing an 8.1% increase year-on-year. The increase in volume and profitability improvement efforts led to a return to operating profit.

Among these, electrification achieved sales of 2.7236 trillion won, a 9.3% increase compared to the same period last year. Cumulative sales of electrification parts for the third quarter of this year approached 10 trillion won, totaling 9.7941 trillion won, surpassing last year’s sales figure (9.6759 trillion won) within just three quarters.

The after-sales service business also recorded sales of 2.7732 trillion won, a 2.7% increase from the previous year, thanks to robust global demand. The growth in regions such as Europe and India, coupled with reduced air transportation costs leading to stable logistics expenses, contributed to an 11.9% increase in operating profit.

As of the third quarter of this year, Hyundai Mobis has received orders for core components worth $8.57 billion (approximately 11.6 trillion won) from global clients excluding Hyundai Motor and Kia. This figure exceeds the aggressive target of $5.36 billion set earlier this year by a remarkable 60%. Although Hyundai Mobis has not disclosed specific amounts due to contractual practices with clients, it did secure an order estimated in the tens of billions from Volkswagen in Europe in August.

Hyundai Mobis is continuously increasing the share of orders from major clients such as Volkswagen, Mercedes-Benz, GM, and Stellantis. The strategy involves building long-term partnerships with key customers and increasing order proportions to pursue stable growth. For these clients, the range of ordered products is expected to expand into high-value items including battery systems, electrification components, AR-HUDs (augmented reality head-up displays), and ADAS (advanced driver assistance systems).

Meanwhile, as part of the ‘2023 Shareholder Value Enhancement Policy’ announced earlier this year, Hyundai Mobis completed a total of 150 billion won in share buybacks by last month, and all purchased shares will be retired.

Lee Sang-jin daedusj@autodiary.kr