Hyundai Construction Equipment Holds Metaverse Conference for Dealers in Emerging Markets

Hyundai Construction Equipment held the industry's first global conference using a metaverse platform for overseas dealers. (Photo by Hyundai Construction Equipment)

[Asia Economy Reporter Jeong Hyunjin] Hyundai Construction Equipment, an affiliate of Hyundai Heavy Industries Group's construction machinery division, announced on the 1st that it held a global conference using a metaverse platform for overseas dealers, the first in the global construction equipment industry, to target emerging markets where expansion of the excavator market is expected.

The dealer conference was conducted by having overseas dealers access a pre-built virtual space through personal avatars. A total of 155 dealers from 73 countries worldwide participated, with over 90% of them focusing on emerging markets as their main area of activity. Hyundai Construction Equipment explained that this measure was taken due to difficulties in meeting dealers face-to-face caused by COVID-19 and other factors.

At this conference, Hyundai Construction Equipment unveiled for the first time large excavators such as the 50-ton excavator (HX500L) and 52-ton excavator (HX520L), which are key products for emerging markets, as well as the 9-series wheel loader that enhances fuel efficiency and convenience. They also demonstrated the 52-ton excavator in 3D within a virtual lobby space.

Hyundai Construction Equipment plans to strengthen its compensation program for dealers in emerging markets and diversify marketing channels. The compensation program will consider not only sales performance but also management strategies and infrastructure investments. Utilizing a cloud system to analyze data, they intend to carry out specialized marketing activities for products with increased sales.

Hyundai Construction Equipment recorded sales of 1.036 trillion KRW in emerging markets through the third quarter of this year, marking a 70.6% increase compared to 607.3 billion KRW in the same period last year. Excavator sales in emerging markets also rose by 67.9%, totaling 9,928 units from January to October this year, compared to 5,913 units in the same period last year.

A Hyundai Construction Equipment official stated, "Due to announcements such as the large-scale infrastructure investment expansion in the United States' emerging markets, the growth trend in emerging markets is expected to be prominent next year as well," adding, "We will do our best to maximize profits by maintaining our strengths in emerging markets."

Meanwhile, Hyundai Construction Equipment finalized its business restructuring focused on construction equipment by resolving the agenda to sell industrial vehicles to Hyundai Genuine at an extraordinary general meeting of shareholders held on the 30th of last month. Vice President Choi Cheol-gon was appointed as the new CEO.

This content was produced with the assistance of AI translation services.