Hyundai Mobis plans $6.72 bn investment in auto chips, robotics

24 Feb 2022 CW Team

The auto parts manufacturing unit of Hyundai Motor Group, Hyundai Mobis, plans to spend around $6.72 billion in the next three years to support auto chips, mobility and other areas of future growth.

The company unveiled its plan highlighting its updated policy to promote shareholder value, including a plan to maintain the dividend payout ratio of 20-30% for FY22.

The company told the media that from its eight trillion won plan, it would spend $3-4 trillion won to boost its competitiveness in semiconductor, software and autonomous driving businesses and other areas such as urban air mobility (UAM) and robotics.

Hyundai Mobis said the remaining investment is to be utilised in capital expenditures (capex) to ensure a stable supply of core parts, including car components for electric vehicles (EVs).

The company will also spend around $330 billion to buy back its shares, from which $62.5 billion of shares will be cancelled.

Recently, Hyundai announced its sales dropped by 12% in January, compared to the same period last year amid global chip shortages.

Hyundai Motor had sold 2,82,204 vehicles in January, down from 3,21,068 units a year ago.

According to a statement, its sales in South Korea dropped by 22% to 46,205 units from 59,501 during the period, as the lack of semiconductor chips continued to affect vehicles production and sales.

Moreover, its overseas sales dropped by 9.8% to 2,35,999 from 2,61,567 amid the Covid-19 pandemic.

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Also read: Hyundai launches three special attachments with the launch of HX380L

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