Strong Performance in Key Markets like North America and the Middle East
45.6% Increase Compared to Previous Year
"Becoming a Global Energy Solution Company"
HD Hyundai Electric became the first company in the domestic power equipment industry to receive the $1 billion Export Tower award. This was due to strong export performance in key markets such as North America and the Middle East.
HD Hyundai Electric announced on the 6th that it received the $1 billion Export Tower award at the 61st Trade Day ceremony held on the 5th at COEX in Samseong-dong, Gangnam-gu, Seoul. Vice Chairman Jo Seok attended the event and accepted the award.
The Export Tower award is given to companies that achieve export results exceeding $1 million (approximately 140 million KRW) and break their past export records. The award is based on export performance from July 1 of the previous year to June 30 of the current year.
HD Hyundai Electric recorded export sales of $1.20451 billion (approximately 1.707 trillion KRW) from July 1 of last year to June 30 of this year. This represents a 45.6% increase compared to the same period last year.
In particular, cumulative sales in North America for the first to third quarters of this year were 113.2% higher than the total sales of last year. Sales in the Middle East also increased by 98.1% during the same period.
A company official explained, "Export performance increased thanks to the global expansion trend of power infrastructure."
HD Hyundai Electric is accelerating its market penetration in the United States. In July, it completed the expansion of its production subsidiary in Alabama. The U.S. market is experiencing a surge in demand for power equipment due to the replacement of aging power grids and increased investment in data center facilities.
Orders in Europe are also increasing. Additionally, in May, the company signed a contract worth 82.1 billion KRW to supply ultra-high voltage transformers to the British power company National Grid. In August, it entered the Swedish market, the largest power exporter in Europe.
Vice Chairman Jo Seok said, "Receiving the $1 billion Export Tower award is the result of efforts to expand sales in key markets and pioneer new markets such as Europe. We will continue to focus our capabilities on overseas market penetration to leap beyond being a national representative power equipment company to becoming a global energy solutions company."
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