Hyundai Elevator Moves to Chungju "Aiming for Global Top 5 by 2030"

Hyun Jeong-eun, Chairman of Hyundai Group: "Innovation is the Only Way to Survive"

On the 13th, Hyundai Elevator held the "2022 Hyundai Elevator Chungju Campus Relocation Commemoration Future Vision Declaration Ceremony" at the newly relocated Chungju Smart Campus. The photo shows Hyun Jeong-eun, Chairwoman of Hyundai Group (4th from the left), Kim Young-hwan, Governor of Chungcheongbuk-do (5th from the left), Cho Jae-cheon, CEO of Hyundai Elevator (3rd from the left), Cho Gil-hyung, Mayor of Chungju (6th from the left), and Lee Jong-bae, Member of the National Assembly (7th from the left).

Photo by Hyundai Elevator

[Chungju=Asia Economy Reporter Yoo Hyun-seok] "I hope Hyundai Elevator becomes a passage that realizes the dreams of the future beyond being a simple means of transportation."

Hyun Jeong-eun, Chairwoman of Hyundai Group, announced the revival of the group on the occasion of the new Chungju era of Hyundai Elevator, a core affiliate of the group.

According to Hyundai Elevator on the 14th, Chairwoman Hyun made this statement at the ‘Future Vision Declaration Ceremony for the Relocation of Chungju Campus’ held the previous day.

The ceremony was attended by about 300 domestic and foreign dignitaries, including Chairwoman Hyun, Kim Young-hwan, Governor of Chungcheongbuk-do, Lee Jong-bae, Member of the National Assembly, Cho Gil-hyung, Mayor of Chungju, Chung Mong-gyu, Chairman of HDC Group, Lee Yong-pyo, Chairman of Korea Elevator Safety Agency, and Ryu Hee-in, Chairman of the Korea Elevator Association.

Cho Jae-cheon, CEO of Hyundai Elevator, declared the company’s future vision for 2030 under the theme "From Mobility to New Possibilities." This expresses the intention to find "new possibilities" by integrating Fourth Industrial Revolution technologies such as Artificial Intelligence (AI), Open API, and Internet of Things (IoT) into elevators, which were previously regarded as simple means of transportation.

To achieve this, five strategic tasks were selected: ▲ Increasing customer value through Digital Transformation (DT) ▲ Leading the market with innovative products ▲ Aggressive expansion of overseas business ▲ Expanding the portfolio of service businesses ▲ Entering the indoor mobility new business. Based on these strategies, Hyundai Elevator set the ‘Triple 5’ goal by 2030: ▲ 5 trillion KRW in sales ▲ 50% share of overseas business ▲ Achieving global top 5.

CEO Cho emphasized, "The overseas share of total sales is about 20%, and the global market share is only 2 to 2.5%," adding, "Starting with Indonesia and Vietnam this year, we will expand our sales capabilities in key countries and increase market share."

The relocation of Hyundai Elevator’s headquarters and factory is the first since its establishment in 1984. The Chungju Smart Campus, which will serve as a stepping stone for a new leap, is a complex space on a 172,759㎡ site equipped with a smart factory that integrates headquarters, production, packaging, and shipping systems, various welfare facilities for employees, and dormitories. In particular, the smart factory, research and development (R&D) center, and logistics center have introduced Fourth Industrial Revolution technologies such as Industrial Internet of Things (IIoT), big data, and AI, raising the automation rate to 78%.

Regarding the reason for naming it a campus, CEO Cho explained, "It is not simply a factory for producing products but a complex space equipped with various facilities on a large-scale site of about 53,000 pyeong, including the headquarters office space, automated smart factory, welfare facilities such as performance halls, and dormitory buildings," adding, "We judged that ‘campus’ is more appropriate than ‘factory.’"

Compared to the existing factory, it is expected to improve cost competitiveness through a 25% increase in annual production capacity (25,000 units) and a 38% increase in productivity per person (from 4.8 units to 6.6 units). Hyundai Elevator plans to further expand production capacity to 35,000 units annually by 2028.

The Hyundai Elevator Smart Campus has established an eco-friendly solar power generation facility with an annual capacity of 6 MW by applying the third-party PPA method for the first time in Korea. Converted to a four-person household standard, it corresponds to the annual electricity consumption of 2,062 households. This has the effect of planting 680,000 30-year-old pine trees. Thanks to this, the company has taken a step closer to achieving RE-100, which global companies are participating in.

Chairwoman Hyun referred to the late Chung Mong-hun, former Chairman of Hyundai Group, who said, "Only continuous innovation can prevent a company’s regression," emphasizing, "Innovation is our only way to survive."

Governor Kim, in his congratulatory speech, said, "With the opening of Hyundai Elevator’s Chungju era, the entire Hyundai Group will take a step forward," and emphasized, "The province will do its best to support a successful smooth landing."

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