▶ Signed comprehensive MOU for cooperation in shipbuilding with Cochin Shipyard Limited, India, on July 4 ▶ To provide ship design, equipment support, and technical collaboration — marking HD Hyundai’s full-scale entry into the Indian market ▶ “Accelerating India’s national maritime vision — forging new market opportunities through partnership” HD Hyundai is joining forces with India’s largest state-owned shipyard to strengthen its influence in the Indian and global markets. HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company overseeing HD Hyundai’s shipbuilding operations, announced on Sunday, that it has signed a comprehensive Memorandum of Understanding (MOU) with Cochin Shipyard Limited (CSL), India’s largest state-owned shipbuilder, to establish long-term cooperation in the shipbuilding sector. CSL, with its main yard located in the southern Indian state of Kerala, Kochi, is the largest shipbuilding yard in India, with the Indian government holding a 67.91% stake. The company has extensive capabilities in the design, construction, and repair of a wide range of vessels, from commercial ships to aircraft carriers. Over the past five years, CSL has successfully delivered a total of 70 vessels, including 60 small commercial ships and 10 naval vessels. Through this agreement, the two companies will pursue strategic cooperation across a range of areas, including design and procurement support for CSL, technical collaboration to enhance productivity and ensure global-quality standards, and the advancement of workforce capabilities through improved training systems. In particular, both parties have agreed to jointly explore new shipbuilding orders in the Indian and international markets. The partnership aligns with India’s maritime development roadmaps, including the 'Maritime India Vision 2030' and the 'Maritime Amrit Kaal Vision 2047,' both announced by the Indian Ministry of Ports, Shipping & Waterways to foster growth in the maritime industry. In support of these visions, India established a Maritime Development Fund worth approximately INR 250 billion (KRW 4 trillion) this year and is expanding policy support to strengthen its domestic shipbuilding sector and maritime infrastructure. India’s shipbuilding industry has witnessed rapid growth in recent years. According to market research firm Ken Research, the country’s shipbuilding and repair market, valued at approximately USD 90 million in 2022, has surged to over USD 1.12 billion by 2024, a more than twelvefold increase. The market is expected to continue expanding at an average annual growth rate exceeding 60% until 2033. Through this partnership, HD Hyundai aims to strengthen its presence in the Indian market, the world’s most populous country, while further enhancing its global competitiveness in the shipbuilding industry. “This collaboration will serve as a springboard for both HD Hyundai and CSL to reach new heights, while also marking a turning point in accelerating India’s national maritime vision,” said an HD Hyundai official. “By leveraging HD Hyundai’s accumulated technological expertise and experience, we will support CSL in enhancing its global competitiveness, while also seeking opportunities for shared growth with Korean equipment suppliers.” Meanwhile, HD Hyundai is actively expanding its global collaboration network beyond India. In April, the company signed an MOU with Huntington Ingalls Industries, the largest defense shipbuilder in the United States, followed by a strategic partnership agreement with Edison Chouest Offshore in June. In addition, HD Hyundai has been accelerating efforts to create synergies in the global shipbuilding sector by expanding defense cooperation, such as joint submarine development, with Peru’s state-run SIMA shipyard in November of last year. ■ Maritime India Vision 2030 → A mid-term strategy established by the Ministry of Ports, Shipping and Waterways (MoPSW) to enhance the competitiveness of India’s maritime industry and position the country as a global hub for shipping and shipbuilding. The plan aims to elevate India into the ranks of the world’s top 10 shipbuilding nations by 2030. ■ Maritime Amrit Kaal Vision 2047 → A long-term maritime development roadmap created to commemorate the 100th anniversary of India’s independence in 2047. It identifies sustainable port development and the advancement of the shipbuilding industry as core priorities, with the goal of positioning India among the world’s top five shipbuilding nations by 2047.

▶ Targeting KRW 14.8 trillion (USD 11 billion) in revenue by 2030, establishing a foundation to become a leading global player ▶ HD Construction Equipment to launch as a unified entity operating two distinct brands - HYUNDAI and DEVELON - with the merger effective January 1, 2026 ▶ Aiming to strengthen fundamental competitiveness, diversify revenue streams, and secure future growth engines ▶ “This initiative is essential for sustainable growth and marks a major milestone in advancing Korea’s construction equipment industry” HD Hyundai Construction Equipment and HD Hyundai Infracore will merge to form a new entity named HD Construction Equipment (tentative) with a consolidated revenue set at KRW 8 trillion (USD 6.15 billion).  The decision to merge was made during separate board meetings held by both companies on July 1.  HD Hyundai Construction Equipment will be the surviving entity and officially become HD Construction Equipment on Jan. 1, 2026. This will follow an extraordinary shareholders’ meeting scheduled for Sep. 16, along with necessary regulatory reviews. The merger aims to enhance agility in responding to market demands amid intensifying competition and global uncertainties while strengthening future technological capabilities and ensuring cost competitiveness. The newly formed company will operate under two brands: HYUNDAI and DEVELON. The core business area will be construction equipment, supplemented by growth in engines and aftermarket services. With balanced growth across all business areas, the company aims to achieve revenue of KRW 14.8 trillion (USD 11 billion) by 2030, positioning itself as a global industry leader. Moreover, HD Construction Equipment will focus on strengthening fundamental growth, diversifying revenue sources and securing future growth engines through a unified decision-making process. HD Construction Equipment aims to achieve economies of scale by optimizing its product lines and specializing production facilities by region. At the same time, by expanding its compact equipment business, the company aims to establish a full lineup ranging from compact to ultra-large construction machinery, thereby strengthening its fundamental business competitiveness.  To diversify revenue streams, the company will focus on fostering its high-potential engine business and expanding its aftermarket operations, which center on parts replacement and maintenance. Leveraging its integrated R&D capabilities, the company aims to secure future growth engines through the development of electrified and smart construction equipment, as well as comprehensive total solutions. The merger will involve an exchange of shares: for each common share of HD Hyundai Infracore, shareholders will receive a designated amount of common shares, 0.1621707 in HD Hyundai Construction Equipment, the surviving entity. Cho Young-cheul, President and CEO of HD Hyundai XiteSolution, stated, “This merger will drive sustainable growth for the Construction Equipment Division of HD Hyundai, helping us strengthen our position in the global market and serving as a significant milestone in advancing Korea’s construction equipment industry.”   

▶ Hosted the Korea–U.S. Shipbuilding Leaders Forum to lay the groundwork for a strategic shipbuilding and maritime alliance ▶ Private-public sector initiatives for Korea-U.S. shipbuilding collaboration take shape—second forum scheduled in the U.S. this October ▶ “In awe of the remarkable capability of Korean shipyards. Expanding Korea–U.S. cooperation will be a tremendous opportunity for the U.S. shipbuilding sector” ▶ Chung Kisun, Executive Vice Chairman of HD Hyundai: “This is the starting point of a maritime alliance—we must move forward together for the advancement of both nations’ shipbuilding industries.” HD Hyundai is exploring avenues for mutual cooperation with shipbuilding and maritime experts from Korea and the U.S. HD Hyundai announced on Tuesday, June 24, that it hosted the Korea–U.S. Leaders Forum on Education and Research on Shipbuilding at its Global R&D Center in Pangyo, Korea. The forum was organized as a follow-up to the trilateral Memorandum of Understanding (MOU) signed in July last year between HD Hyundai, Seoul National University (SNU), and the University of Michigan (UM) to promote talent development in the shipbuilding industry. Previously, HD Hyundai recognized the U.S. government’s strong commitment to revitalizing its shipbuilding industry and expressed its support for efforts to strengthen the sector and bolster national security. In line with this, HD Hyundai partnered with SNU and UM to launch a joint initiative to foster future talent in shipbuilding. Co-hosted by HD Hyundai and Seoul National University, and supported by the Ministry of Trade, Industry and Energy (MOTIE), the forum marks the first since the launch of the new Korean administration in which experts from both countries have gathered to discuss practical avenues for collaboration. As a tangible milestone in public-private cooperation, the event drew considerable attention from industry stakeholders. The forum was attended by distinguished including Andrew Gately, Commercial Minister-Counselor of the U.S. Embassy in Korea; Lee Seung-ryeol, Industrial Policy Deputy Minister at the Ministry of Trade, Industry and Energy; and Chung Kisun, Executive Vice Chairman of HD Hyundai. The forum brought together a panel of leading experts: from Korea, professors representing seven top universities, including SNU and KAIST; and from the U.S., professors from six prestigious institutions, such as UM and MIT. In total, more than 40 shipbuilding and marine engineering specialists participated in the event. The event began with opening remarks by Chung. “This collaboration marks the beginning of a true maritime alliance—one that goes beyond talent exchange to sharing technologies and visions between Korea and the United States,” he said. “Let us work together toward the growth and prosperity of both nations’ shipbuilding industries.” Keynote speeches from both countries followed. Professor David Singer of the University of Michigan, speaking on behalf of the U.S. delegation, remarked, “I find myself in awe of the remarkable capability of Korean shipyards to produce the world’s largest and most intricate vessels in record time. Investing in talent is absolutely crucial for rejuvenating the U.S. shipbuilding industry, and the potential for expanding our collaboration with HD Hyundai is an exceptional opportunity we cannot afford to overlook.” In the afternoon, the forum continued at SNU, where participating universities and institutions presented their respective curricula in shipbuilding and maritime engineering. The session provided a platform for sharing best practices and exploring joint educational strategies, while also highlighting the importance of binational collaboration in cultivating talent. On the final day of the forum, Wednesday, June 25, discussions will focus on joint research themes, including “Smart Yard” technologies, aimed at digital transformation in shipbuilding. Ahead of the forum, on Monday, June 23, U.S. participants visited HD Hyundai Heavy Industries’ headquarters in Ulsan, where they toured both the commercial and naval & special shipyards and were briefed on the company’s smart shipyard initiatives and autonomous navigation technologies. The second Korea–U.S. Shipbuilding Leaders Forum is scheduled to take place in the United States in October.