Hyundai Mobis to focus on electronic parts

SEOUL, May 12 (Yonhap) -- A senior executive at Hyundai Mobis Co., South Korea's
biggest auto-parts maker, said Wednesday the company plans to focus on developing
and selling electronic parts as carmakers work to bring Internet access to
vehicles.
Hyundai Mobis Vice Chairman Chung Suk-soo told reporters that the company boosted
its research budget for developing electronic parts by 50 percent this year.
"By as late as 2015, our business structure will be centered on electronic parts
from mechanical parts," Chung told an industry forum.
Analysts say the market for automotive electronic parts is likely to grow sharply
in coming years as carmakers are increasingly adding Internet access and
entertainment systems to vehicles.
Hyundai Mobis, a unit of Hyundai Motor Co., plans to spend a total of 320 billion
won (US$279.8 million) on research and development projects this year, the
company said earlier.
(END)

Delete & Prev | Delete & Next