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Hyundai Mobis Q3 net gains 29 pct on demand for electric car parts

All News 16:50 October 24, 2019

SEOUL, Oct. 24 (Yonhap) -- Hyundai Mobis Co., South Korea's biggest auto parts maker, on Thursday reported a 29 percent on-year gain in third-quarter net profit on increased sales of parts for electric cars.

Net profit for the July-October period rose to 581.9 billion won (US$497 million) from 449.6 billion won a year earlier, the company said in a statement.

"As carmakers launch more electric vehicles, sales of electrified auto components also expanded. And the company resumed supplying its parts to Fiat Chrysler Automobile's Ohio plant in April following one year of maintenance. It helped the bottom line," the statement said.

Operating profit climbed 31 percent to 603.9 billion won in the third quarter from 462.2 billion won a year ago. Sales were up 12 percent to 9.45 trillion won from 8.43 trillion won.

Hyundai Mobis won $1.48 billion worth of core auto parts orders from global carmakers, not including its parent Hyundai Motor Group, in the January-September period, achieving 70 percent of its annual order target of $2.1 billion.

The company earns 90 percent of its overall auto parts sales from Hyundai Motor Co. and Kia Motors Corp.

Last year, Hyundai Mobis obtained $1.7 billion worth of parts orders, or 10 percent of its total car parts deals, outside the country.

Hyundai Mobis Q3 net gains 29 pct on demand for electric car parts - 1


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