Shipbuilding and heavy engineering conglomerate HD Hyundai set up its goal of achieving annual sales of 100 trillion won ($68 billion) by 2030 by cementing its shipbuilding arm’s global leadership and bolstering mechanical and energy businesses.
According to the group, Thursday, the sales goal was set up during a group-wide strategy meeting involving HD Hyundai Chairman Chung Ki-sun and 31 other top executives of its units including HD Hyundai Heavy Industries, HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Oilbank.
The participants recognized that the group is in a tight global competition with China in its key businesses such as shipbuilding, construction machinery and energy. They also shared concerns about rising global protectionism across the United States, Europe and China driving countries to invest less in foreign trade and more in domestic expansion.
The 100 trillion won milestone is part of the group’s long-term goals despite the pressing geopolitical conditions. The vision also includes advancing eco-friendly, digital and artificial intelligence initiatives and improving global competitiveness of the group’s key businesses.
As part of efforts to beef up its shipbuilding capability and market leadership, HD Hyundai Heavy Industries recently completed its merger with HD Hyundai Mipo, and the merged entity began operations on Monday. HD Hyundai Construction Equipment and HD Hyundai Infracore will also complete their merger next month to launch HD Construction Equipment.
Refinery, petrochemical and electromechanics businesses will receive a further boost from the conglomerate to improve their global market competitiveness. Robotics, autonomous ship operation, electric ship propulsion, fuel cells and small modular reactors are the group’s future growth engines that will be further developed to grow as HD Hyundai’s next key businesses.
Chung told his subsidiary leaders to “face the cold reality,” while a HD Hyundai official said the latest future road map reflects the group’s plan to “maximize each subsidiary’s capability.”
The group’s annual sales grew from 60.8 trillion won in 2022 to 67.8 trillion won last year.
Source: Korea Times
