Hyundai Mobis hosted its first Automotive Semiconductor Korea summit in Seoul to boost collaboration among 23 local companies in the automotive semiconductor supply chain. Key attendees included Samsung Electronics, SK keyfoundry, and KERI. South Korean companies aim to reduce reliance on foreign products and create new business opportunities in the sector.

The event marked the first private-led initiative in the automotive semiconductor industry in South Korea. Hyundai Mobis plans to lead the development of the country’s automotive semiconductor industry by connecting automakers and suppliers. The company is positioned to drive innovation and growth in the domestic semiconductor industry.

Hyundai Mobis aims to enhance semiconductor design capabilities, foster partnerships with fabless companies, and encourage expansion into the mobility sector. The company plans to host the ASK forum annually, welcoming startups and existing companies with semiconductor-related technologies. The forum will also engage relevant associations and major institutions to drive industry growth.

The automotive semiconductor market is projected to reach around US$135 billion by 2030, with an average annual growth rate of 9%. Demand for infotainment, connectivity, ADAS, and electrification is expected to drive market growth. Hyundai Mobis is poised to capitalize on these trends and lead the South Korean automotive semiconductor industry.

Read more at Yahoo Finance: Mobis launches first South Korean auto chip forum