Hyundai expects US$ 3 billion in equipment revenues

By Chris Sleight11 November 2010

Hyundai Heavy Industries says its construction equipment business is on track for a record year, with revenues in 2010 expected to exceed US$ 3 billion for the first time in its history.

The company said that its revenues to the end of October stood at US$ 2.5 billion and that it had sold 8506 excavators - its flagship product - in the year to date. Hyundai added that excavator sales in October alone were 1139 units.

"Among the best performing markets of the BRICs [Brazil, Russia, India & China], Africa, the Middle East and Southeast Asia, China is of course the most outstanding market, accounting for 50% of Hyundai Heavy's total construction equipment sales," said the company in a statement, adding that sales from its four factories in Jiangsu province and Beijing were up +73% from a year ago.

The company also claims to have secured an 11% share of the Indian market, thanks to a new manufacturing facility. Meanwhile it has seen +222% growth in Brazil and a massive +509% increase is sales to Russia, where it claims to be the market leader with a 30% stake.

The company concluded by saying that it would launch electric excavators later this year, which would cut fuel consumption by -70%, followed by the release of its hybrid model in 2011.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Construction Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Longer Reads
5 ways to make remote working work
Keith Ali, MD at Creative ITC, explains how to overcome 5 common challenges when deploying remote working solutions to ensure AEC organisations realise business benefits from digital transformation.
COMMENT: Are we at the beginning of a golden decade in German construction?
Peter Gerstmann, chairman of the board of management of the Zeppelin Group discusses growing opportunities for the German construction sector
Can hydrogen engines turn construction green?
Hydrogen combustion engines move to centre stage as construction aims for zero emissions
CONNECT WITH THE TEAM
Andy Brown Editor, International Construction Tel: +44 (0) 1892 786 224 E-mail: andy.brown@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA