Hyundai Construction Equipment Sells Construction Machinery Worth 250 Billion KRW in China... Record High

Contract for Over 2,200 Units
"This Year, China's Market Expected to Grow 8% Year-on-Year... We Will Do Our Best to Secure Orders"

Hyundai Construction Equipment's excavators recently launched in China are seen waiting for shipment
[Photo by Hyundai Construction Equipment]

[Asia Economy Reporter Kim Heung-soon] Hyundai Construction Equipment, a subsidiary of Hyundai Heavy Industries Group, has succeeded in securing an order for about 2,200 construction machines, the largest scale since its entry into the Chinese market.

Hyundai Construction Equipment announced on the 29th that it recently signed a contract to sell construction equipment worth 250 billion KRW with Chinese customers, including excavators and wheel loaders ranging from 5.5 to 85 tons. The number of units is about 2,200. Last year, it sold about 7,800 construction machines in the Chinese market, and it secured an order equivalent to 30% of the annual sales volume in just one day.

The equipment ordered this time is scheduled to be delivered sequentially to customers across China by May. In early March, Hyundai Construction Equipment introduced 13 new products to the Chinese market, including large excavators, amphibious excavators, pile hammers, and nippers, focusing its capabilities on expanding orders in the Chinese market under the judgment that the Chinese construction equipment market has entered a boom period after COVID-19.

According to the China Construction Machinery Association, the total sales volume of the Chinese construction equipment market last year recorded about 290,000 units, marking the largest scale since statistics have been available since 2008. This year, demand for construction machinery is also expected to increase along with a surge in new infrastructure investment demand in transportation, construction, and other sectors within China.

A Hyundai Construction Equipment official said, "With the expansion of infrastructure investment in China this year, the demand for construction equipment is expected to increase by about 8% compared to the previous year, reaching around 315,000 units," adding, "We will make every effort to secure orders through locally customized product development and marketing."