Hyundai Mobis posts 31.6% jump in Q3 operating profit

By Kim Dong-young Posted : October 25, 2024, 14:17 Updated : October 25, 2024, 14:17
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Hyundai Mobis researchers test the endurance of cockpits made from recycled materials Courtesy of Hyundai Mobis Co
Hyundai Mobis researchers test the endurance of cockpits made from recycled materials. Courtesy of Hyundai Mobis Co.
SEOUL, October 25 (AJP) - South Korean auto parts maker Hyundai Mobis Co. reported on Friday that its operating profit increased by 31.6 percent year-on-year to 908.6 billion won ($669.5 million) in the third quarter, driven by high-margin core component sales and cost reduction measures.

Revenue fell by 1.6 percent to 14 trillion won, with the module and core parts manufacturing division experiencing a 4.5 percent decline to 10.94 trillion won, impacted by the slowdown in EV demand.

Sales in the aftermarket service segment grew about 10 percent to 3.06 trillion won.

"We have secured $2.38 billion in core component orders from global customers by the end of the third quarter," a Hyundai Mobis official said, adding that the company will strive to meet its annual order targets despite uncertainties surrounding the U.S. election and EV market fluctuations.

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