April 24, 2024

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[THE INVESTOR] South Korean automotive parts maker Mando said on Dec. 28 it will set up a new overseas branch in Silicon Valley next year with aims to make a big push on self-driving cars and full-electric mobility.

The company also plans to seek merger and acquisition opportunities of tech firms and startups there. 

“With the new branch set up at the global center of automotive innovations, we will build partnership with diverse carmakers and tech firms there,” said Tak Il-hwan, senior vice president at Mando.

Mando, which relies on Hyundai Motor and Kia Motors for almost 50 percent of its sales, is ramping up efforts to diversify its clientele, especially in the all-important US market.

According to earlier news reports, the parts maker is in talks with Tesla Motors to develop automotive driving solutions together. Mando supplied brake systems to the luxury electric sedan maker. The two firms declined to confirm the talks.

By Lee Ji-yoon (jylee@heraldcorp.com)