🔥 Hyundai Mobis: The automotive chip field is expanding, but overseas order targets remain a challenge - 2026.10.24

Hi, it’s me, Onion. I grabbed a cup of coffee and took another look at Hyundai Mobis today, and things have gotten pretty lively ☕ There are two key points: the automotive semiconductor field is getting bigger, and there’s still a lot of work to do on overseas orders.

🧩 The semiconductor field is now being built together

On the 21st, Hyundai Mobis held its 2nd Automotive Semiconductor Forum in Pangyo ^[2]. The number of participating companies rose from 27 last year to 53 this year, and the scope of cooperation has expanded beyond semiconductor design to include foundries, validation, and mass production ^[2]. The news points to a shift in development methods, with automakers and parts suppliers taking the lead in setting specifications ^[2]. In other words, development leadership is changing hands—and that’s a pretty interesting sight.

There’s also news that Hyundai Mobis is teaming up with Samsung and SK to develop 13 types of automotive semiconductors ^[3]. The company says the collaboration is intended to expand the ecosystem for localizing automotive semiconductor production ^[3]. The explanation is that the partnership launched last year identified 19 joint system semiconductor development projects, and development has begun on 13 of them ^[4]. Global Technology also announced it will begin mass-producing automotive semiconductors for the Hyundai Motor Group for the first time ^[5]. Feels like the puzzle pieces are falling into place, doesn’t it? Exactly!

🚀 Going overseas: the target is ambitious

This year’s order target for key components supplied to non-affiliates is 8,974,000,000 USD(12,473,800,000,000 KRW) ^[1]. So far, though, orders from non-affiliates have reached just 8.2% of the target ^[1]. Those numbers make you catch your breath a little, don’t they? The article says the company appears to be looking to make up ground by expanding its European footprint ^[1].

A 30,000㎡ Hyundai Mobis battery system plant has been built on the site of the company’s Izmit factory in Türkiye ^[6]. An industry source explained that the IONIQ 3 produced there is aimed at Europe’s highest-demand small-car market ^[6]. See what I mean? The numbers will follow once the overseas business opens up. Still, an 8.2% starting point means there’s a long way to go. Onion thinks the bullish scenario will become clearer if the European foothold leads to actual order contracts.

📈 Can A/S keep supporting earnings?

The article estimates that Hyundai Mobis delivered solid results in the third quarter, following the second quarter, thanks to growth in its A/S business ^[7]. But as the headline suggests, concerns are emerging about a widening performance gap between businesses such as modules and core components, even amid strong results ^[7]. Running on one leg may look fast, but it won’t get you far. I had to slip in a dad joke—just kidding 😄

Let’s also take a look at the recent share price. The closing price on October 23 was ₩325,500, down -2.84% from the previous day, with trading volume at 166,342. Considering the previous day’s decline, the market seems to be catching its breath.

🤔 Questions still to be answered

There are three questions that need answers at this point: whether the 13 types of automotive semiconductors will lead to actual mass-production volumes, how much the 8.2% order attainment rate for non-affiliates can improve, and how much A/S growth can offset concerns about the widening gap between businesses. We’ll get a clearer picture of where things are headed once we have answers to all three. Which one catches your eye first? 🚀

📰 Reference News (7)

1

Parts makers head overseas… ‘all in’ on supply chain expansion and orders from non-affiliates [Global Auto Exodus-②] - SisaoToday (SisaON)

네이버뉴스 · 2026.10.24

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2

Korean automotive semiconductors: development methods are changing as automakers and parts suppliers lead on specifications

네이버뉴스 · 2026.10.23

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4

Hyundai Mobis teams up with Samsung and SK to develop 13 types of automotive semiconductors… “Expanding the localization ecosystem”

네이버뉴스 · 2026.10.22

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5

Global Technology expands into automotive semiconductors… first mass production for Hyundai-Kia vehicles - The Elec (THE ELEC)

네이버뉴스 · 2026.10.23

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6

Taking on China’s push into Europe… Hyundai Motor’s Türkiye-made

네이버뉴스 · 2026.10.24

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7

Hyundai Mobis weighs business polarization… modules and core components despite strong results

네이버뉴스 · 2026.10.23

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