Hyundai Oilbank to enter U.S. automotive lubricants market

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Hyundai Oilbank to enter U.S. automotive lubricants market

Published: 24 Jan. 2024, 18:10

SHIN HA-NEE
[email protected]

HD Hyundai Oilbank's lubricant products marketed under its XTeer brand [HD HYUNDAI OILBANK]

HD Hyundai Oilbank is entering the North American automotive lubricants market in partnership with an HD Hyundai affiliate.

The oil refiner plans to sell lubricants for industrial vehicles, including hydraulic fluids and mission oil, under its XTeer brand, to a U.S. entity of HD Hyundai XiteSolution, an industrial equipment manufacturer of HD Hyundai.

The total supply volume will amount to 25 TEUs, or twenty-foot equivalent units, per year.

While the United States and Canada stand as the largest markets for lubricants, the market has been hard to penetrate for Korean companies due to the preexisting major suppliers in the region.

“It holds a huge significance that local lubricant brand Xteer is entering the North American market, which has a high barrier for entry,” said Jo Hui-joon, head of the lubricants business at HD Hyundai Oilbank.

“We will continue to collaborate with other HD Hyundai companies to supply our lubricants products to global industrial vehicle makers, and bolster our footing as an export brand,” Jo added.

BY SHIN HA-NEE [[email protected]]