Hyundai Mobis wins $233 mln order from Mitsubishi, Subaru

SEOUL, June 8 (Reuters) - Hyundai Mobis , an affiliate of Hyundai Motor Group, said on Wednesday it won a combined $233 million order from Japan's Mitsubishi Motors and Subaru to supply automotive lamps in what will be its first parts supply to Japanese automakers.

The deal comes as Japanese and other car makers are increasingly looking at South Korean parts makers which offer cheaper, quality products as opposed to their Japanese rivals struggling with the strong yen and the March 11 earthquake.

Hyundai Mobis, South Korea's biggest automotive parts maker, said it will supply $200 million worth of headlamps to Mitsubishi Motors and $33 million of rear lamps to Subaru, an automobile manufacturing unit of Fuji Heavy Industries , from the second half of this year.

Hyundai Mobis previously agreed to provide its lamps to Europe's BMW and Volkswagen (VOWG_p.DE) as well as U.S. Chrysler Group LLC.

"Japanese and other car makers are turning to South Korean parts makers to save costs and diversify sourcing following the March 11 earthquake," Lee Sang-hyun, an analyst at NH Investment & Securities, said.

Hyundai Mobis, which heavily relies on its sister companies Hyundai Motor and Kia Motors for sales, aims to generate 30 percent of its revenue from overseas exports by 2015, from the current 10 percent.

Shares in Hyundai Mobis were down 4.3 percent, as auto shares lost ground across the board in a wider market that was down 1.4 percent as of 0247 GMT. (Reporting by Hyunjoo Jin; Editing by Jacqueline Wong)