Hyundai Wia said Wednesday that it has clinched a 702 billion won ($596 million) deal with European and US automakers to supply constant-velocity joints (CV joints).
Hyundai Motor Group’s automotive parts manufacturing arm did not disclose the names of the companies, but said that under the deal 55 percent of the parts will be supplied to eco-friendly vehicles. This is its first major deal with overseas carmakers.
CV joints enable a drive shaft to transmit power from the engine at different angles and a constant rotational speed. The auto parts are mostly used in front-wheel drive vehicles.
Since 1988, Hyundai Wia has produced over 100 million CV joints, a record-high number for a local auto parts maker.
According to the company, it has increased competitiveness of CV joints by minimizing noise and vibration, reducing weight and increasing the number of rotational angles they can support.
By Kim Da-sol (email@example.com)