Hyundai Elevator States Goals for China and Beyond

At a celebration marking the 30th anniversary of Hyundai Elevator’s Chinese subsidiary in Shanghai on August 10, the South Korean company stated its goals for China, Saudi Arabia and Indonesia, The Korea Times is among outlets to report. Hyundai Elevator China plans to increase its Chinese market share from 1% to 5.9% by 2030. Hyundai Elevator CEO Cho Jae-cheon said this will be achieved through increasing sales in the high-end market, diversifying products and focusing on the remodeling market. The Chinese subsidiary also expects to play a role in building Saudi Arabia’s NEOM smart city, and the source observed that Hyundai Elevator Chairwoman Hyun Jeong-eun met with NEOM CEO Nadhmi Al-Nasr during a July exhibition in Seoul. The Korea Herald notes that Hyundai Elevator China is part of the “One Team Korea” initiative focused on providing smart technology to Indonesia’s capital, Jakarta. Since establishing a smart factory in Shanghai’s Geumsan Industrial District in 2020, Hyundai Elevator China’s annual production capacity has grown from 2,000 to 25,000 units.