Hyundai Mobis inks $160 mil. deal with GM

Korea's leading auto parts maker Hyundai Mobis Co. said Tuesday it has signed a US$160 million contract with U.S. carmaker General Motors Co. to supply key auto parts.

Under the deal with GM, Hyundai Mobis will supply integrated center stacks (ICS) to the U.S. automaker. The latest deal is the South Korean firm's fourth contract of its kind with GM since 2008, added Hyundai Mobis.

The ICS is a core module that controls multimedia devices in a vehicle. Hyundai Mobis is the only South Korean firm that produces the component.

Hyundai Mobis said it was able to win the lucrative deal thanks to confidence it has won from the global carmaker in the quality of its products.

"We are in a strong partnership with GM, as we have successfully built confidence in product quality," said a company official. (Yonhap)