The day before, Mando announced through a press release and public announcement that it had successfully won a suspension order worth 1.4 trillion won from Volkswagen. This is the largest order in the history of Mando as a single suspension item.
Park Joon-ho, a researcher at Hanwha Investment & Securities, said in a report that day, “Mando announced on the 22nd that it has received an order for 50 million suspension parts worth 1.4 trillion won from Volkswagen. The supply period is from the second half of 2022 to 2033, and accordingly, the expected annual sales are around 130 billion won, and the average selling price per unit (ASP) is estimated at 100,000 won.”
Researcher Park said, “A full-fledged reference accuracy will begin within Volkswagen, which is the 1st and 2nd largest OEM in global sales. However, through this order, the items will be expanded to the current price and supply will begin as a core platform of Volkswagen rather than a single model.”
He added, “The company is considering increasing items as electronic products or targeting Volkswagen in China using this as a reference.”
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Researcher Park said, “It is difficult to say that the ASP per unit is high. This seems to be due to the large number of orders and Mando’s willingness to build a reference within Volkswagen that led to competitive pricing. “The important thing is that Volkswagen, a key electric vehicle OEM, has emerged as a major customer with this order.”
Volkswagen is reportedly planning to use one of its Chassis plants in Germany for its own production of battery cells. Researcher Park said, “As the outsourcing volume came out, it is believed that this order from Mando was also achieved. From an OEM standpoint, items that are non-core parts are highly likely to be outsourced in the future.”