HYUNDAI WIA has announced that it will soon establish new affiliates specifically dedicated to manufacturing automobile modules and parts.

On December 21st, HYUNDAI WIA held a temporary board of directors' meeting and announced its plan to establish two new subsidiaries: MOVIENT for modules and TECZEN for parts mass-manufacturing. MOVIENT will manufacture chassis and platform modules, while TECZEN will specialize in producing core parts like engines and constant velocity joints. The two companies will be officially launched in early February 2024 once the preparatory procedures, such as incorporation, are complete. HYUNDAI WIA will own all the equity of both MOVIENT and TECZEN.

MOVIENT, an affiliate of HYUNDAI WIA, manufactures automotive modules. The name MOVIENT is a combination of "Module" and "Convenient," which represents the idea of providing a convenient life with automotive modules. TECZEN is a combination of “Tech” and “Zenith”, meaning to showcase the pinnacle of automotive component manufacturing technology. Plants of MOVIENT will be in Ansan-si and Gwangju-si, Gyeonggi-do, and TECZEN in Changwon-si, Gyeongsangnam-do, Pyeongtaek-si, Gyeonggi-do, and Seosan-si, Chungcheongnam-do. MOVIENT and TECZEN will employ more than 800 and 1,500 employees, respectively.

HYUNDAI WIA has decided to launch affiliates for mass production to prepare for the future of mobility. The company aims to respond to the rapidly changing global mobility market by building a flexible management environment and enhancing its manufacturing expertise to stay competitive. This decision is also influenced by the trend of many global auto parts companies operating separate manufacturing divisions to increase their expertise.

HYUNDAI WIA intends to maintain its production of automotive modules and components through its two affiliates. In the coming years, the company plans to enhance its global supply chain by establishing its own sales and procurement capabilities, relying on its superior manufacturing expertise and quality assurance standards.

"We established new affiliates to enhance our global supply competitiveness in the rapidly changing mobility market. We will continue to support them to become a global automotive parts manufacturing company," said an official from HYUNDAI WIA.