"Doosan Bobcat, the 'Hyoja Subsidiary,' Focuses on Overseas Market with New Products and Models This Year"

[Asia Economy Reporter Ki-min Lee] Doosan Bobcat, a key subsidiary of Doosan Co., Ltd. that achieved strong performance last year, plans to focus on overseas market expansion with new products and models this year to further improve its results.

According to industry sources on the 16th, the main reason for Doosan Bobcat's consolidated sales and operating profit last year increasing by 13.6% and 3.9% respectively to KRW 4.5096 trillion and KRW 477 billion was the improved sales performance in overseas markets such as North America and Europe.

With its main production base in North Dakota, USA, and accounting for about 74% of sales, Doosan Bobcat launched new models of small excavators and compact tractors in the North America and Oceania regions. As a result, sales in these regions increased by 8.5% compared to the previous year.

Additionally, in the Europe, Middle East, and Africa markets, which account for the second largest sales share at 19% after North America and Oceania, market share rose due to strengthened products and sales channels, leading to a 2.8% increase in sales. Furthermore, strong sales in the Chinese market and the launch of backhoe loaders equipped with loaders in the front and excavators in the rear in the Indian market contributed to a 6.1% increase in sales, maintaining a positive trend.

This year, Doosan Bobcat plans to continue its strong performance by increasing market share in key overseas markets and expanding overseas market entry, focusing on new models such as the R series loaders, compact tractors, and backhoe loaders.

Doosan Bobcat expects sustained sales growth primarily due to the decline in mortgage interest rates and favorable interest rate policies in the United States. The company also plans to continue outperforming the market by strengthening its dealer network in the relatively weak southern and western regions of the U.S. through the launch of new products such as compact tractors and mowers.

In the European market, Doosan Bobcat, which launched two types of R-series MEX last year, plans to increase the lineup to six models by 2021 to enhance product competitiveness. It also intends to expand its dealer networks in major European countries such as Germany, the United Kingdom, and France.

Doosan Bobcat forecasts this year’s sales and operating profit to grow by approximately 5% and 0.7% respectively, reaching USD 4.063 billion and USD 412 million. In Korean won, these amounts correspond to KRW 4.6725 trillion and KRW 473.8 billion, respectively.