Korean company Mobase to Establish US Plant after Securing $733 Million Hyundai Contract.

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Mobase Electronics said it signed a contract to provide the South Korean conglomerate’s two carmakers – Hyundai Motor Co.and Kia Corp.- with body domain controllers, which manage smart keys, tire pressure monitoring systems, rear occupant alert, ultrasonic intrusion protection and others at the same time for six years from 2026.“We are currently selling parts to the US states of Georgia and Alabama through a factory in Mexico,” said Son Byeong-Jun, chairman and co-CEO of Mobase Co., which acquired Mobase Electronics, in an interview with The Korea Economic Daily on May 17.“We are considering building a plant in the US in the next two or three years.”Hyundai Motor Co.is operating plants in Montgomery, Alabama and building another one for electric vehicles and batteries in Bryan County, Georgia with a goal of commercial operations in the first half of 2025.

FOCUSES ON EFFICIENCY AFTER TAKEOVERMobase, a smartphone case maker, has been improving Mobase Electronics’ efficiency since taking over the auto parts maker in 2019.Mobase holds a 45.84% stake in Mobase Electronics as of the end of the first quarter.“We have completed the tasks for the company’s efficiency by 90%,” said Son, who has been focusing on improving Mobase Electronics’ financial structure and turnaround.

BETTER EARNINGSMobase Electronics is expected to improve earnings from next year, Son said.“Mobase Electronics is a company capable of developing customized technology,” he said.“We are in the final stage of establishing a computer system to properly manage more than 30,000 products of Mobase Electronics.

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Category: Economy

Markets: South KoreaGeorgiaMexico

Topics: Hyundai Parts Electronics’ Electronics Billion “we Motor Year Mobase Company Korean

Source Website Secure: Yes (HTTPS)

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Article Type: News Report

Published On: 2024-05-21 @ 17:44:02 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

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