Hyundai Mobis aims to offer comprehensive mobility solutions: CEO

Cho Sung-hwan, CEO at Hyundai Mobis Co. [Image source: Hyundai Mobis]

Cho Sung-hwan, chief executive officer at Hyundai Mobis Co., an auto parts maker under South Korea’s Hyundai Motor Group, has been active at home and abroad in promoting autonomous driving technology and accelerating innovation through standardization.

Cho has been elected president of the International Organization for Standardization (ISO) at the ISO’s General Assembly meeting in Abu Dhabi in October last year. He will begin his two-year term from 2024.

“I will contribute to the national economy by demonstrating leadership as a CEO and based on 30 years of engineer experience,” Cho said. “Standardization can accelerate new technology development and bring forward innovation. Korea will also be able to enhance influence in the international society.”

Cho was advised to run for ISO president early last year as he will be able to contribute to the establishment of standardization based on his expertise in the industry.

“I will work closely with the board and member countries to reach the main goals for 2030 - to have ISO standards used everywhere, meeting global needs, and having all voices heard,” he said.

He will also aim to reach ISO’s sustainable development goal in line with the United Nations’ Sustainable Development Goals. He is expected to play key role in having developing countries introduce international standards based on an online educational platform and infrastructure.

Cho, in the meantime, also serves as the president of the Korea Association of Autonomous Mobility Industry (KAAMI) joined by Hyundai Motor Co., KT Corp., and other members.

KAAMI aims to enhance basic research capacity in autonomous driving sector and establish a systemic system for research and development planning and professional workforce nurturing.

The association plans to carry out various efforts so that Korea is able to secure competitiveness in autonomous technology in the global market.

Hyundai Mobis building [Photo by Yonhap]

Hyundai Mobis has been enhancing its R&D capacity to secure core technology related to autonomous driving system and expanding global open innovation. It has obtained a competitive edge in two of the three key autonomous technologies - planning and control. The other major technology is perception.

Hyundai Mobis raised a record 2.03 trillion won ($1.65 billion) in operating income on sales of 51.9 trillion won in 2022. The company’s sales from electrification solutions business is estimated at above 9 trillion won, up nearly 50 percent from a year ago.

Hyundai Mobis also ranked No. 6 on the Automotive News list of top 100 global suppliers last year based on the previous year’s sales.

The company has also been seeking to win overseas orders, in addition to those from its sister companies Hyundai Motor Co. and Kia Corp.

Hyundai Mobis secured $3.2 billion in overseas orders in the first 9 months of last year, already reaching 90 percent of its annual target. The company supplies electronic devices and electrification systems to not only Hyundai and Kia but also General Motors, Stellantis, and Volkswagen.

Hyundai Mobis has also decided to spend $1.3 billion to build an electric vehicle-exclusive component factory in the U.S.