Self-driving cars
Parts maker Mando to split off self-driving operations
New entity targets 14% annual growth through 2025, vs 9% for remaining operations
By Jun 09, 2021 (Gmt+09:00)
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The new entity, tentatively named Mando Mobility Solution (MMS), will concentrate on the advanced driver-assistance systems (ADAS) technology, alongside robotic vehicles and cloud server segments of its mobility business. ADAS refers to electronic systems in a vehicle.
Mando-Hella Electronics Corp., specializing in autonomous driving parts, will belong to the new unit MMS as a wholly owned arm.
"With the split-off, we will establish a governance structure in a way that we can respond promptly to changing market environment and regulations," Mando said in a regulatory filing.
MMS, to be launched on Sept. 1, targets annual average growth of 14% throughout 2025.
The remaining entity will focus on electric vehicle technology, including electrification of chassis systems, EV engines and relevant softwares for annual average growth of 9% through 2025. Mando is also developing charging battery converters for hydrogen-fueled cars.
Mando aims for a combined 9 trillion won ($8.1 billion) in sales from both units in 2025, compared with this year's target of 6.1 trillion won.
Write to Hyung-kyu Kim at khk@hankyung.com
Yeonhee Kim edited this article.
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