Hyundai Elevator "Targets 5.9% Market Share in China by 2030"

Hyundai Elevator announced on the 10th that it aims to achieve a 5.9% market share in China by 2030.

On the same day, the company held a commemorative ceremony at the smart factory auditorium in Shanghai to celebrate the 30th anniversary of its Chinese subsidiary. In honor of the 30th anniversary, awards such as long-service awards and merit awards were given to employees. Hyun Jeong-eun, Chairwoman of Hyundai Group, said in her congratulatory speech, "Let us dream of growing wider and higher through new challenges here, where Hyundai Elevator took its first step toward globalization 30 years ago."

Hyundai Elevator China Corporation located in Shanghai, China

Hyundai Elevator's China subsidiary was established in 1993 as a Korea-China joint venture. In 2014, it was converted into a wholly owned subsidiary. The production capacity increased from 2,000 units annually at its inception to 25,000 units annually after establishing the current factory in Jinshan District, Shanghai, in 2020. About 600 local employees and expatriates work there.

This factory manufactures elevators, escalators, and moving walkways. It exports not only to the local market but also to 49 countries worldwide, including Indonesia, Malaysia, Vietnam, Turkey, and Brazil. Cho Jae-cheon, CEO of Hyundai Elevator, said, "We will expand sales in the premium market through product diversification and optimization," adding, "In the mid to long term, we aim to achieve orders worth 2.2 trillion KRW, sales of 2 trillion KRW, and enter the global top 5 by 2030 through expansion of the remodeling market."

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