Hyundai Rotem Wins 533 Billion KRW Contract for 3rd Batch Production of K2 Tanks

[Asia Economy Reporter Ki-min Lee] Hyundai Rotem announced on the 22nd that it has signed a contract with the Defense Acquisition Program Administration (DAPA) to deliver the third batch of K2 tanks worth 533 billion KRW.

Through this contract, Hyundai Rotem will deliver the entire third batch of K2 tanks to DAPA by 2023. Previously, Hyundai Rotem secured the first batch of K2 tank production orders in 2010 and the second batch in 2014.

The K2 tank was developed in 2008 to strengthen armored forces and meet the demand for replacing aging tanks. It is equipped with a 120mm smoothbore gun as its main armament, ensuring powerful firepower. Additionally, the introduction of an automatic loading system eliminates the need for a loader, allowing operation with only three crew members, one fewer than the existing K1 tank. Furthermore, the K2 tank can reach speeds exceeding 70 km/h and can cross rivers by submerging to depths of over 4 meters.

By securing the third batch production project of the K2 tank, Hyundai Rotem has established a stable revenue source in the defense sector and laid the foundation for a sustainable business. Moreover, continuous production is possible from the second batch, which is currently in production and delivery, through to the third batch, enabling an efficient production system.

Hyundai Rotem also plans to continue efforts to enter overseas markets based on the achievements of the third batch production of the K2 tank. In September this year, Hyundai Rotem participated in the international defense industry exhibition ‘MSPO (Mi?dzynarodowy Salon Przemysłu Obronnego)’ held in Poland, where it showcased the ‘K2PL’ model, a modified export version of the K2 tank for Poland.

A Hyundai Rotem official stated, “Following this contract, we expect to expand orders if additional production of the K2 tank is confirmed in the future,” adding, “We will do our best to deliver high-quality tanks on time and contribute to strengthening military capabilities by utilizing the know-how accumulated through the first and second batch production projects of the K2 tank.”