Hyundai Elevator Announces Global Plan During Celebration

Hyundai Elevator, a subsidiary of Hyundai Group, is aiming to join the world’s top five elevator manufacturers, generating KRW5 trillion (won) (US$3.8 billion) in annual revenue by 2030, the company announced in July during a ceremony to celebrate the relocation of its headquarters from Icheon, Gyeonggi Province, to Chungju, North Chungcheong Province, South Korea, The Korea Times reported. Hyundai also vowed to increase the proportion of its revenue generated in foreign markets to 50% by 2030 from the current 20%. The elevator maker is already operating six overseas subsidiaries in China, Vietnam, Indonesia, Malaysia, Turkey and Brazil, working with agents in 49 countries. The company will focus especially on the Indonesian and the Vietnamese markets this year, while considering expansion in the Middle East and Latin America in the following years. This global expansion was mentioned as one of the five tasks to be completed to actualize the company’s vision, along with digital transformation, the development of innovative products, the expansion of services and entry into the indoor mobility business. Hyundai Elevator declared “Mobility to Possibility” as the slogan for the company to seek new business opportunities by 2030 through integration of elevators with futuristic technologies, and also showed off its smart factory neighboring its new headquarters and dormitories for employees. Based on the Internet of Things, big data and AI technologies, most production lines of the factory are operated autonomously, requiring a minimum level of human involvement. Hyundai also expects its cost competitiveness to be enhanced through a 25% increase in annual production capacity and a 38% rise in labor productivity, so that it can increase its annual production capacity to 35,000 elevator units by 2028. Hyundai Group Chairwoman Hyun Jeong-eun was also appointed as honorary North Chungcheong Province governor during the ceremony.