Hyundai, construction equipment, milestone--Hyundai Heavy Industries on Track to Reach Sales Milestone

Hyundai Heavy Industries is on the right track to secure $3 billion in  construction equipment sales for the first time, on the back of bullish sales in emerging markets including BRICs.
 
Through 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 the most outstanding market, accounting for 50 percent of Hyundai Heavy's construction equipment total sales. The company operates four manufacturing factories in Jiangsu province and Beijing which saw a 73 percent sales increase from a year earlier.
 
In addition, Hyundai Heavy captured 11 percent of Indian construction equipment market, where they built their first excavator manufacturing factory. Hyundai Heavy grew 222 percent in  the Brazil market and 509 percent in Russia, where Hyundai Heavy is the top ranked construction equipment maker with 30 percent 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 percent improved fuel efficiency in late November this year and hybrid excavators in the first half of 2011.

Source: AED News