Sprinting to Global Top 5! Mid-2022 Global News from Hyundai Construction Equipment

Entering the middle of the year, Hyundai Construction Equipment is continuing its pursuit of becoming one of the Top 5 global construction equipment makers. The company is reinforcing its effort in advancing into the North American market and expanding its Brazil plant. Let us look in detail at HCE’s relentless dash towards its goal in this mid-2022 global news.

HCE Begins a Full-scale Expansion into the North American Market

Hyundai Construction Equipment reported sales of 15.48 billion KRW in the North American market in 2Q22. A remarkable 50% increase, the record-breaking sales seems to be influenced by a positive trend in the economy and an increase in demand for construction equipment due to the plans for infrastructure reinforcement from the U.S. government. The helpful condition and HCE’s effort in strengthening its business/distribution network in the region as well as its release of new models created a synergy, resulting in a massive increase in sales.

Continuing the momentum, HCE plans to expand further its business network in the region to take the upper hand in the developed North American market. One example of such a plan is a dealership contract with Holland Equipment Service (HES), a representative construction equipment supplier in Michigan. Through this contract, HCE will be able to provide its products and service in southwestern Michigan, including its wheel loaders and excavators. The Articulated Dump Truck (ADT) the company released this June will also be available for rent, allowing a broader option for North American customers.

HCE Aims to Expand Its Brazil Plant

HCE achieved last year its largest sales in the Central/South American countries including Columbia, Chile, Argentina, and Brazil. The demand for construction equipment in the region remains high this year, foretelling another successful year for the company. The Brazilian excavator market is expected to show the highest demand in particular, as the Brazilian government is conducting large SOC (Social Overhead Capital) investments to revitalize its economy.

To respond to the growing demand in the Central/South American market, Hyundai Construction Equipment is preparing to expand its Brazil plant, which is the core manufacturing base for HCE’s global business. The current Brazil plant in Rio de Janeiro, Brazil, was established in 2012, approximately 557,400 square meters in size. The plant has a manufacturing capacity of 3,000 machines per year, accounting for over half of all machines sold in the region. With the expansion plan, the capacity is expected to rise to 4,000 machines per year and allow the company to meet the increasing demand more effectively.

Hyundai Construction Equipment is continuing its pursuit of becoming a global top-tier construction equipment manufacturer. 2022 is significant to the company as it is considered its first year of setting a goal of becoming one of the global top 5 manufacturers. For the remaining year, HCE will put all it has and seize the opportunity in the North and Central/South American markets to leap towards becoming a global top-tier company.