News and Updates on HD Hyundai
HCE Extends Production Capability in India
Hyundai Construction Equipment (HCE) is stepping up its efforts to take over Asian markets by extending the excavator factories in India and China.
HCE announced that it plans to expand its annual production capabilities of the excavator factory in India to 10,000 units by the end of 2020 to flexibly respond to the rising demand for the earth moving equipment in the Indian market.
Currently, HCE’s Indian factory is manufacturing 6,000 units of 8-to-34-ton excavators a year. With this expansion plan, HCE will diversify its product line-up to mini and large excavators and increase the market share by strengthening sales and service capabilities in the Indian construction market.
The Indian construction equipment market is expected to grow from 20,000 units in 2018 to 38,000 units by 2022, due to various infrastructure projects initiated by the Indian government.
HCE drives strong sales of excavators in the Indian market. During the first five months of this year, HCE positioned it as a second-ranked excavator maker in the local market by achieving the sales of about 2,300 units, a 35 % increase from 1,700 units against the same period of last year.
HCE sets its global annual sales target of KRW 3.3 trillion this year, while aiming to achieve the annual sales of KRW 1 trillion in the Indian market by 2023 through active investment and localization. Meanwhile, HCE tripled its production capability of Jiangsu factory in China to 12,000 units in January this year.