Key Hyundai affiliate aims to muscle into electric vehicle market as longtime suppliers turn to outsidersSEOUL, Aug 25 — As Tesla Inc accelerates the shift to electric cars, Hyundai Motor's loyal suppliers have increasingly turned to"outsiders" for parts — but now the South Korean carmaker's own supply company, Mobis, is plunging into the game.
“We were not able to supply to other companies because we were busy with keeping up with Hyundai's growth. Now this has changed,” said Ahn Byung-ki, senior vice president of electric powertrain business at Hyundai Mobis. Ahn said reducing electric vehicle costs is key to competing with cheaper gasoline cars without subsidies, especially as Chinese rivals undercut Hyundai, and Tesla accelerates the industry's shift to EVs.
Hyundai Motor and its affiliate Kia Motors ranked third in global battery electric vehicle sales last year, behind Tesla and Renault-Nissan, according to researcher LMC Automotive. After years of breakneck growth, however, Hyundai-Kia's production volume began trending down in 2016, hitting suppliers and moving them to rely less on Hyundai.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
US dollar hangs on as currency market waits for Powell | Malay MailSINGAPORE, Aug 25 — The US dollar held firm yesterday, shrugging off selling pressure from a move higher in equities, as investors seemed to temper their bearish bets against the greenback ahead of a Thursday speech from US Federal Reserve Chair Jerome Powell. The US dollar, which often falls...
Weiterlesen »