Global Gasgoo reported that BMW, the world’s largest luxury car manufacturer, recently announced that BMW has signed a USD 170 million supply agreement with the Korean auto parts supplier Mando Corp.
This also means that so far, BMW has established supply relationships with 12 South Korean component suppliers. Herbert Diess, Director of Purchasing at BMW, told reporters that in addition to the Universe, Korean suppliers supplying parts for BMW include Hyundai Mobis, Hankook Tire, Kumho Tire, and a joint venture between Samsung and Bosch. Company SB LiMotive.
According to Ko Tae-bong, an analyst at IBK Investment & Securities, “The global luxury car makers disclosed their supply agreements with Korean suppliers. This is the first time. We believe this will have a big boost and promote Korean suppliers cooperate with other OEMs worldwide."
Kang Sang-min, an analyst at Hanhwa Securities, believes that the success of Korean suppliers has attracted the attention of global car makers. Osamu Masuko, president of the Japanese carmaker Mitsubishi Motors, once said that Mitsubishi plans to increase the number of orders it purchases from Korean suppliers. Toyota Motor and Nissan Motor Co., Ltd. began buying steel from Korean steel giant POSCO from last year.
Some analysts also believe that with the increasingly fierce competition, various car companies are constantly looking for suitable suppliers globally in order to reduce costs, and this has become one of the reasons why Korean suppliers can go to the international market.
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