Hyundai Elevator aims for 50% overseas sales from 20%

Tech

Published: 14 Jul. 2022, 18:19

Hyundai Elevator aims for 50% overseas sales from 20%

Hyundai Group Chairman Hyun Jeong-eun, fourth from left, celebrates the transfer of Hyundai Elevator's headquarters to Chungju, North Chungcheong, on Wednesday. [HYUNDAI ELEVATOR]

Hyundai Elevator, Korea’s largest elevator manufacturer, has set the goal of achieving 5 trillion won in sales and increasing the proportion of overseas sales to 50 percent from the current 20 percent by 2030.

The announcement was made at the company’s new headquarters in Chungju, North Chungcheong, on Wednesday after it moved the location of the main office from Icheon, Gyeonggi to Chungju in February.

The company operates in 43 countries, but its market share abroad still remains low, according to CEO Cho Jae-cheon.

“Our market share in the global markets stood at 2 to 2.5 percent,” Cho said, “To expand the presence, we will first focus on countries like Indonesia and Vietnam.”

“Then, we will extend the focus to the Middle East, North and South America regions,” he said.

At the center of Hyundai Elevator's strategy is adding as many as digital features possible to elevators.

One involves services that could be connected with delivery robots or other types of automated machines, although it didn’t specify the offerings.

The elevator supplier plans to provide building management services using data concerning the use trends of elevators.

In developing the new services, the company will deploy a wide range of high technologies, such as open APIs and over-the-air programming.

The new headquarters houses office buildings, production lines, a research center and residences and other facilities for employees.

With the installation of more advanced equipment at the new manufacturing site, the automation rate increased to 78 percent, according to a statement released by the elevator company.

Its annual production capacity rose by 25 percent to 25,000 units and per capita productivity jumped by 38 percent to 6.6 units per worker.

Hyundai Elevator aims to expand the annual capacity to 35,000 by 2028.

Hyundai Group Chairman Hyun Jeong-eun congratulated the transfer of the headquarters during a commemorative event on Wednesday, emphasizing the spirit proclaimed by former Hyundai Group Chairman Chung Mong-hun who passed away in 2003.

“Innovation is the only way to win,” Hyun said, citing the words by her late husband, “The constant efforts for innovation will prevent a company from going backward."

The event brought together Chairman Hyun, the Hyundai Elevator CEO Cho, North Chungcheong Governor Kim Young-hwan and Chungju City Mayor Cho Gil-hyung.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]