Hyundai to break through $3 billion sales barrierby Stephen White on Nov 11, 2010
Hyundai Heavy Industries is heading to best ever year and is on track to record $3billion in construction equipment sales.
The Ulsan, South Korea-based manufacturer described sales to emerging markets in the first ten months of the year as “bullish” and helping it record revenue of $2.5 billion – or the equivalent of 8,506 excavators, the company’s flagship product.
The company sold 1,139 excavators in October alone and claimed it is now South Korea’s top exporting construction equipment maker.
Among a string of strong numbers coming from markets such as Middle East, Brazil, India, Africa and Southeast Asia, China stands out as the its most outstanding market accounting for 50% of Hyundai’s total sales. The company, which operates four manufacturing factories in Jiangsu province and Beijing, saw a 73% rise in sales on 2009.
In addition, Hyundai Heavy took up 11% of Indian construction equipment market where it built its first excavator manufacturing factory. Hyundai Heavy also grew by 222% in Brazil market and 509% in the Russian market where Hyundai Heavy claimed it is the top ranked construction equipment maker with 30% of market share.
Hyundai Heavy plans to continue to boost exports through the development of new technology and the production of customised models for each market. It will also soon unveil electric excavators with 70% improved fuel efficiency in later the month and hybrid excavators in the first half of 2011.
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