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.
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