▶ Accelerating mine and infrastructure development in Ethiopia… Expanding large-scale equipment orders; ▶ Securing 57% market share in Ethiopia to solidify top ranking in quality and service; ▶ Pursuing sales expansion in emerging markets from the Middle East to Africa HD Hyundai Infracore is expanding its position in the African market by successfully attaining a major order for large excavators in Ethiopia. On the 25th (Tuesday), HD Hyundai Infracore (co-CEOs Cho Young-cheul and Oh Seung-hyun) announced that it recently had signed a contract to supply a total of 100 large excavators with two Ethiopian mine development companies. The machinery ordered this time comprises 36-ton crawler-type large excavators, a top-selling local model that recorded sales of 212 units in Ethiopia alone last year. The above products are scheduled to be supplied to customers in succession by June of this year. Despite intense competition from Japanese and Chinese rival products, HD Hyundai Infracore maintained its top-ranked position last year with a 57% market share in Ethiopia, leveraging the world-class quality and prompt service response of Develon. Following the Middle East, HD Hyundai Infracore is expanding its sales force to Africa, focusing on Ethiopia, to pursue sales expansion in emerging markets. Currently, the Ethiopian government is actively fostering the mineral industry using resources such as the country’s underground cobalt and lithium, and SOC projects are actively underway, such as the construction project of Africa's largest airport, which will be used by 110 million people annually, near the capital Addis Ababa. Therefore, construction equipment demand is expected to stay on a growth trajectory. Notably, the growth in sales of excavators and medium- and large-sized wheel loaders in Africa hit 34.8% from 13,500 units in 2023 to 18,200 units in 2024, which forebodes strong market growth for the product group. An HD Hyundai Infracore official said, “Ethiopia is a key market that accounts for more than a third of our African market sales,” and added, “Based on this, we will pursue market expansion into neighboring countries and aggressively establish our brand recognition throughout Africa.”