Hyundai expands EV investment to parts and chips
Hyundai Mobis expanded its electric vehicle (EV) investments to auto parts and chips.
Hyundai Mobis is Hyundai Motor Group and South Korea’s leading auto parts maker. Mitchell Yun, from Mobis Ventures Silicon Valley, announced that Hyundai Mobis would expand EV investments in auto parts this year.
Yun clarified that Hyundai Mobis’ EV parts investments would make up 70% of the company’s total investments this year. Hyundai Motor Group is also investing in the development of materials to enhance EV performance. Yun added that Hyundai Mobis would be investing in automotive chips, expanding its supply chain of semiconductors.
The South Korean company is also considering investments in startups. However, Hyundai Mobis decided to reduce its investments in self-driving technologies. While Mobis might not invest in self-driving tech, Hyundai Motor Group is still developing autonomous tech with Motional. Hyundai Motor Group recently invested almost $1 billion into Motional to develop self-driving technology.
Yun acknowledged that EV demand in the global auto market has slowed but emphasized that it would eventually move toward eco-friendly cars.
Hyundai Motor Group is heavily investing in EV development worldwide, with a specific focus on the United States. Recently, Hyundai Motor America’s CEO Randy Parker announced that the company is “doubling down” on EV investments.
“While other manufacturers are pulling back on their electrification strategy, we continue to be focused on our products. And our products have done extremely well in the marketplace,” Parker told The Verge.
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