Hyundai Wia Corp., a parts unit of Hyundai Motor Group, said Wednesday it has clinched 700 billion won (US$595 million) worth of parts supply deals from carmakers in Europe and the United States.
Hyundai Wia will supply constant velocity joint (C.V. joint) components to premium carmakers in Europe and the U.S., the company said in a statement.
Hyundai Wia didn't provide the names of the companies or other details, citing a confidentiality agreement.
The company said it is "in talks" with other European and North American carmakers to supply C.V. joints.
It aims to raise its market share of the global C.V. joint market to over 10 percent by 2022 from the current 8 percent by diversifying its customer base.
It earns over 80 percent of its sales from deals with affiliates Hyundai Motor Co. and Kia Motors Corp.