Key Hyundai affiliate aims to muscle into electric vehicle market as longtime suppliers turn to outsiders

SEOUL: As Tesla 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.

"If we increase outside sales, overall prices will drop. This will benefit everyone - us, global companies and Hyundai," said Ahn, who previously developed eco-friendly cars at Hyundai Motor. Hyundai suppliers can leverage Hyundai's longtime experience with developing eco-friendly cars, he said, which puts them ahead of European peers who have focused on diesel.

Logistics affiliate Hyundai Glovis, which counts Euisun Chung as its biggest shareholder, has also expanded customers from Hyundai to Tesla and Volkswagen to transport vehicles across continents.Like many of Korea's family-owned conglomerates, or chaebol, Hyundai Group is deeply invested in vertical integration, with affiliates making key parts and even steel. Family members, aides and others close to the company founded key suppliers.

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