Midea Group Reports Elevator Business As Part Of Growth

Data released during Midea Group’s global launch event recently held in Foshan City, south China’s Guangdong Province, show that elevator business has become a new growth engine for the company, China’s leading home appliance manufacturer, Xinhua Net reports. Midea’s building technologies division recorded a 55% increase in its operating revenues in the first three quarters of 2021, with the revenue of its elevator business growing 35% year on year. In December 2020, Midea teamed up with elevator and escalator manufacturing enterprise LINVOL Elevator Co., Ltd., to make its first foray into the elevator market. Midea is currently accelerating R&D, as well as production of digital and intelligent elevators.