Mando Corporation, headquartered in Seoul, South Korea, is a prominent global Tier 1 automotive parts supplier specializing in brake, steering, suspension systems, and advanced driver assistance systems (ADAS). Established in 1962, Mando has evolved into a key player in the automotive industry, serving major automakers worldwide.
Company Overview
- Name: HL Mando Corporation
- Industry: Automotive Parts Manufacturing
- Founded: 1962
- Headquarters: Seoul, South Korea
- Key Products: Brake systems, steering systems, suspension systems, ADAS
- Parent Company: HL Group
Financial Performance
In the fiscal year ending December 31, 2021, Mando reported:
- Sales: KRW 6,147.4 billion, a 10.5% increase from the previous year.
- Operating Profit: KRW 235.7 billion, with an operating profit margin of 3.8%.
- Net Profit: KRW 196.0 billion, achieving a net profit margin of 3.2%.
These figures indicate a robust financial position and a positive growth trajectory.
Strategic Initiatives
In June 2021, Mando announced a strategic plan to achieve KRW 9 trillion in revenue by 2025 by focusing on two core business areas:
1. EV Solutions: Advancing electrified chassis products and developing new electric vehicle (xEV) related businesses.
2. Autonomous Driving: Specializing in ADAS and mobility solutions.
This strategy includes the establishment of a new company, Mando Mobility Solutions (MMS), dedicated to autonomous driving technologies, while the existing company focuses on EV solutions.
Market Position and Partnerships
Mando has established strong partnerships with leading global automakers, including General Motors (GM), Hyundai Motor Company, Kia Motors, and others. Notably, in 2021, Mando was recognized as GM's 'Supplier of the Year,' marking the eighth time since 2003 that the company received this accolade.
Product Portfolio
Mando's diverse product offerings encompass:
- Brake Systems: Including anti-lock brake systems (ABS), electronic stability control (ESC), and electric parking brakes (EPB).
- Steering Systems: Such as electric power steering (EPS) and steering columns.
- Suspension Systems: Featuring electronically controlled suspensions (ECS) and continuous damping controls (CDC).
- ADAS: Providing smart cruise control, lane-keeping assist systems, and autonomous emergency braking.
Global Presence
Mando operates over 50 locations worldwide, serving more than 60 customers across major automotive markets, including North America, Europe, and Asia. The company's global footprint underscores its commitment to meeting the needs of diverse markets and customers.
Competitive Landscape
As a leading automotive parts supplier, Mando competes with other major Tier 1 suppliers such as Bosch, Continental, and ZF Friedrichshafen. The company's focus on innovation, particularly in EV and autonomous driving technologies, positions it favorably in the rapidly evolving automotive industry.
Challenges and Opportunities
Mando faces challenges such as high operating costs and the need for increased market penetration in new regions. However, its strong brand equity, successful track record of launching new products, and strategic focus on emerging technologies present significant growth opportunities.
Mando Corporation's strategic initiatives, robust financial performance, and commitment to innovation in EV and autonomous driving technologies position it as a key player in the global automotive parts industry. By leveraging its strengths and addressing challenges, Mando is well-equipped to achieve its ambitious growth targets in the coming years.
