Daedong Achieves Cumulative Q3 Sales of 1.1555 Trillion Won, Up 4.73% Year-on-Year

Achieving Stable Growth Amid Global Agricultural Machinery Market Contraction
Europe Drives 121% High Growth

Daedong announced on November 17 that, on a consolidated basis, its cumulative sales for the third quarter of this year reached 1.1555 trillion won, with operating profit totaling 47.3 billion won. These figures represent year-on-year growth of 4.73% and 24.1%, respectively.

The company explained that these results were achieved through strategic and efficient growth strategies focused on North America and Europe, despite the overall contraction of the global agricultural machinery market and an unstable environment of exchange rates and tariffs. In North America, cumulative sales for the third quarter reached 672.3 billion won, marking an 18% increase from the same period last year. In Europe, sales amounted to 166 billion won, a growth of 121.11%, driving the company's performance this quarter.

In Europe, Daedong segmented the market around five key countries-Germany, Spain, France, Italy, and Poland-implementing customized sales strategies tailored to local characteristics. This approach involved focusing sales on products preferred by each country’s horsepower segment and simultaneously discovering new distributors, resulting in increased sales volume.

Designating Europe as its second major base, Daedong has set a goal of achieving double-digit sales growth and a market share in the 3% range in Europe by 2026, and will further strengthen its local business expansion. In the first half of this year, Daedong became the only agricultural machinery brand in Europe to introduce a seven-year free warranty for all tractor models. In November, the company participated in Agritechnica, Europe’s largest agricultural machinery exhibition held in Hannover, Germany, further enhancing the recognition and product competitiveness of its global brand, KIOTI. During the fourth quarter, Daedong plans to open a new logistics center in the Netherlands to expand its supply chain. In addition, the company aims to expand the KIOTI Connect app service to cover all of Europe by 2026.

In North America, the expansion of the dealer network, strengthening of the implement lineup, region-specific promotional programs, and gradual price increases that began in the first half of the year have all delivered balanced results. From next year, Daedong plans to expand its business areas in North America beyond agricultural machinery to establish a foundation for sustainable growth. The company will introduce compact excavators to strengthen its competitiveness in the compact construction equipment market, and will diversify its revenue structure and secure stable profitability by expanding its service, parts, and implement businesses.

Daedong will also continue to target new markets. The company plans to accelerate global market diversification by expanding its business in emerging European markets such as T?rkiye and Ukraine, where operations began in earnest this year, as well as in Southeast Asian countries like Indonesia and Malaysia. These efforts are aimed at supplementing the North America-centered sales structure and enhancing the company’s ability to respond to external factors such as global tariffs and supply-demand instability.

In the domestic market, Daedong is accelerating the establishment of next-generation business models centered on the expansion of its future agriculture business, focusing on AI, autonomous driving, and precision agriculture. In March next year, the company aims to launch an AI tractor capable of Level 4 autonomous and unmanned operation, and is expediting final development and validation to begin mass production of an autonomous weeding robot based on an autonomous transport robot in the first half of the year. Daedong also plans to expand its lineup of precision agriculture solutions, including customized products for major crops such as rice and field crops, and satellite-based monitoring services.

Daedong CEO Won Youhyun stated, "Daedong is striving not just for short-term results, but to lead a new paradigm in global agriculture through technological innovation and market diversification. We will strengthen product competitiveness through high-tech solutions such as AI, electrification, and precision agriculture, and establish a sustainable growth structure in both domestic and overseas markets."

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