Hyundai Heavy to Record $3 billion Construction Equipment Sales
Hyundai Heavy Industries is on the right track to secure $3 billion construction equipment sales for the first time on the back of bullish sales in emerging markets including BRICs.
Up to the end of October, construction equipment sales stand at $2.5 billion, or 8,506 excavators, the company's flagship product. The company sold 1,139 excavators in October alone. The good performance makes Hyundai Heavy Industries South Korea' top exporting construction equipment maker.
Among the best performing markets of BRICs, Africa, the Middle East and Southeast Asia, China is of course the most outstanding market accounting for 50% of Hyundai Heavy's construction equipment total sales. The company operates four manufacturing factories in Jiangsu province and Beijing which saw a 73% sales increase from a year earlier.
In addition, Hyundai Heavy took up 11% of Indian construction equipment market where they built their first excavator manufacturing factory. Hyundai Heavy grew 222% in Brazil market and 509% in Russia market where Hyundai Heavy 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 production of customized models for each market. Hyundai Heavy plans to unveil electric excavators with 70% improved fuel efficiency in late November this year and hybrid excavators in the first half of 2011.
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Hyundai Heavy Industries Co., Ltd. (HHI) is the world's largest shipbuilding company, headquartered in Ulsan, South Korea. It has seven business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro & Electric Systems, Construction Equipment, and Green Energy.
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