Hyundai Mobis opens a new test center in China

Shanghai, April 11 (Gasgoo.com) Hyundai Mobis Co., the auto-parts affiliate of Hyundai Motor Co., said Thursday it has completed a new test center in China as it seeks to expand sales in the world's fastest-growing automobile market.

The facility, in which Hyundai Mobis invested 5 billion won (US$5.1 million), is located at Hyundai Motor's second assembly plant on the outskirts of Beijing, the company said in a statement. The test center includes a vehicle-testing ground and a research laboratory.

The expansion in China is part of the South Korean company's growth strategy and also its attempt to reduce its reliance on parent company Hyundai Motor. This is the first of two plants set to be opened in China this year by the auto-parts supplier. While expanding overseas with its parent Hyundai Motor and the automaker's affiliate Kia Motors Corp., Hyundai Mobis aims to become one of the world's top 10 auto-parts makers by 2010.

Separately, Hyundai Mobis has reported that its sales in the first-quarter period ending March 31 rose 16% year-on-year (y/y) to 2.330 trillion won. Its consolidated financial figures are not out yet, but Hyundai Mobis is aiming for 9.3 trillion won in domestic sales this year, up 9.5% on the year, and is targeting 28% y/y growth to US$6.4 billion in overseas sales, following a disappointing set of full-year results in 2007.