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SEOUL, May 8 (Yonhap) — Hyundai Mobis Co., South Korea’s biggest auto parts maker, said Tuesday it expects to win US$7 billion worth of orders globally this year on the heels of a rise in demand in China.
Total orders soared to $6 billion in 2017 from $500 million in 2015 as orders for high-end auto components in the world’s biggest automobile market moved up, the company said in a statement.
“As the government-led drive to promote electric vehicles in China is pushing up the sale of more eco-friendly vehicles, demand for high-end auto parts is also on the rise,” Hyundai Mobis said.
The Korean parts maker aims to achieve $10 billion worth of global orders in 2022 with the help of demand for value-added components in China, it said.
In the long term, the company is striving to reduce its heavy reliance on sales to Hyundai Motor Co. and Kia Motors Corp. to 60 percent from the current 90 percent, a company spokesman said.
The three companies are major affiliates of Hyundai Motor Group, the country’s second-biggest conglomerate by assets after Samsung Group.
This graph provided by Hyundai Mobis shows its estimated orders for 2018 at US$7 billion and for 2022 at US$10 billion. (Yonhap)
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