Seoul: Hyundai Mobis Co., South Korea's leading auto parts maker, unveiled its strategic value-up program on Tuesday, aimed at enhancing profitability and technological capabilities amid a slowdown in electric vehicle (EV) sales. The announcement was made during this year's CEO Investor Day held in Seoul. According to Yonhap News Agency, Hyundai Mobis is targeting an annual average operating profit margin of 5-6 percent over the next three years, a significant increase from the 3.9 percent margin reported last year. To achieve this ambitious goal, the company plans to increase the proportion of deals with overseas carmakers to 40 percent by 2033, from the current 10 percent. Currently, Hyundai Mobis generates about 90 percent of its revenue from affiliates Hyundai Motor Co. and Kia Corp., South Korea's two largest carmakers. CEO Lee Gyu-suk emphasized the company's goal to become the world's third-largest auto parts maker by 2033, driven by a focus on qualitative growth and higher demand for its value-added core auto components from global carmakers. Despite the ambitious profit targets, Hyundai Mobis has set a conservative annual sales growth target of 8 percent for the next three years, down from last year's 14 percent growth. In 2022, the company reported an operating profit of 2.29 trillion won (approximately US$1.64 billion) on sales of 59.25 trillion won. For the current year, Hyundai Mobis aims to secure $9.34 billion worth of orders from global automakers, excluding its captive buyers, Hyundai and Kia. This target represents a slight increase from the $9.22 billion in orders secured last year. In response to the EV market slowdown, Hyundai Mobis plans to continue investing in automation, electronic components, and vehicle chassis safety to stay ahead in the era of software-defined vehicles. The company also intends to "preemptively" develop a powertrain system for an extended range electric vehicle (EREV), in collaboration with Hyundai Motor Group, which aims to mass-produce EREV models by 2026. On t he shareholder front, Hyundai Mobis plans to increase total shareholder returns to over 30 percent by 2027, up from the current 20 percent. This will be achieved by offering more cash dividends and repurchasing treasury stocks for cancellation.