Press Releases | HD Hyundai

HD Hyundai XiteSolution Secures Order for 22 Hydrogen Forklifts, Each Weighing 3.5 Tons

- Awarded the sole bid for the second phase of a national project in Korea, recognized for its technical excellence. - Reliability verification and economic analysis are underway through demonstration, with preparations for commercialization on track. - The company is at the forefront of transitioning to hydrogen mobility in the industrial sector by expanding its sales channels. HD Hyundai XiteSolution has established itself as a market leader in hydrogen industrial vehicles in South Korea and has begun full-scale commercialization. On April 17, the company announced that it received an order for 22 hydrogen fuel cell forklifts, each with a capacity of 3.5 tons, from the Korea Construction Equipment Technology Institute. Notably, the company has won the entire order, demonstrating the technical excellence of its products after supplying four 5-ton hydrogen forklifts in the first phase of the project last year. These forklifts will be utilized in the second phase of the national project titled “Demonstration-based Reliability Verification for Commercialization of Hydrogen Forklifts,” which will continue until March 2026 at Korea Zinc’s smelter in Onsan. The objective of this demonstration project is to establish a foundation for commercialization by verifying the reliability of hydrogen forklifts and assessing their economic and safety performance. Hydrogen forklifts are gaining attention as a key eco-friendly mobility solution for the future since they do not emit carbon dioxide during operation. The shift to hydrogen forklifts is expected to save approximately 1.8 tons of carbon dioxide per day and about 645 tons annually for the 22 units, which is equivalent to planting approximately 95,000 pine trees. In the United States and China, hydrogen forklifts have already been commercialized, and the supporting systems and infrastructure are in full development. The state of California, in particular, is promoting the use of eco-friendly forklifts, including electric and hydrogen models. According to market research firm Global Growth Research, the global hydrogen forklift market is expected to grow at a compound annual growth rate (CAGR) of 31.4%. It is projected to increase from $683.6 million last year to $7.439 billion by 2032. “This order is a recognition of the technology and reliability of our hydrogen forklifts,” said Kwanghee Hur, Head of Industrial Vehicles at HD Hyundai XiteSolution. “We aim to secure additional sales following the demonstration project and take the lead in the transition to hydrogen mobility in industrial sites in Korea.”

2025.04.17

HD Hyundai Heavy Industries Enters Latin American Market with Proprietary Submarine

▶ Participated in Latin America's largest defense exhibition SITDEF Perú, showcasing submarines and frigates for export ▶ Signed agreement with Peruvian state-owned shipbuilder SIMA to jointly develop 1,500-ton customized submarine ▶ Obtained AIP for self-developed medium-sized submarine HDS-1500 and signed MOU with UNI for shipbuilding research and development HD Hyundai Heavy Industries is launching its entry into the Latin American submarine market with its proprietary submarine. HD Hyundai Heavy Industries announced on the Monday, April 28th that it is participating in SITDEF 2025, Latin America's largest defense exhibition held in Lima, Peru from the 24th to the 27th local time. At the exhibition, HD Hyundai Heavy Industries jointly set up a 220㎡ exhibition booth with LIG Nex1, a global defense company, showcasing next-generation frigates ordered by the Peruvian Navy in April last year and next-generation submarines being jointly developed with the Peruvian government. HD Hyundai Heavy Industries also held a promotional seminar for its self-developed export submarines at the exhibition. The event was attended by key defense officials from both countries, including Peru's Defense Minister, Navy Chief of Staff, as well as the Director of Policy at the Republic of Korea Navy Headquarters and the Head of the Maneuver Program Department of the Defense Acquisition Program Administration. LIG Nex1 and others also participated in the seminar, introducing key systems and solutions to be installed on the submarine. Plans to expand naval vessel cooperation with Peru were also discussed. On the 24th local time, HD Hyundai Heavy Industries signed a “Memorandum of Agreement (MOA) for Joint Development of Peruvian Submarines” with Peruvian state-owned shipbuilder SIMA at the HD Hyundai Heavy Industries exhibition booth. This agreement is a follow-up measure to the Memorandum of Understanding (MOU) for submarine joint development signed at Peru APEC 2024 last November. The core of the MOA is to develop customized submarines based on HD Hyundai Heavy Industries' cutting-edge technology and Peru's maritime defense capabilities as part of the Peruvian Navy's aging fleet renewal program. The goal is to replace aging submarines with a 1,500-ton medium-sized vessel based on HD Hyundai Heavy Industries' HDS-1500 model. Additionally, HD Hyundai Heavy Industries signed an MOU with UNI, Universidad Nacional de Ingeniería, in Lima to promote education and research in the shipbuilding industry. Through this agreement, they plan to advance research and development of advanced technologies in shipbuilding and naval defense sectors and pursue various cooperative projects including talent development. Meanwhile, HD Hyundai Heavy Industries obtained Approval in Principle (AIP) on the 25th local time, from the global classification society DNV for the HDS-1500 submarine showcased at this exhibition. This follows the AIP received last year from DNV for the 2,300-ton submarine HDS-2300, expanding HD Hyundai Heavy Industries' K-submarine export lineup in the global market. "HD Hyundai Heavy Industries is expanding its cooperative relationship from surface vessels to submarines based on a long-term partnership with the Peruvian Navy. HD Hyundai Heavy Industries has completed all preparations to enter the Latin American market with Peru as its stronghold." said Joo Wonho, Head of the Naval & Special Ship Business Unit at HD Hyundai Heavy Industries. ■About SITDEF: The International Exhibition of Defense Technology and Disaster Prevention (Salón Internacional de Tecnología para la Defensa y prevención de desastres, SITDEF) is Latin America's largest defense exhibition held in Lima, Peru biennially since 2007. This year's exhibition was held from April 24th to 27th local time, with participation from over 170 global defense companies from 27 countries. Advanced defense technologies including major platforms for army, navy, and air force, missiles, air defense systems, and electronic warfare were showcased.

2025.04.28

HD Hyundai Infracore reported first-quarter sales of 1.185 trillion won, with an operating profit of 67.8 billion won

▶ Sales and operating profit decreased year-over-year, largely due to a slow recovery in demand across North America and Europe. ▶ There has been a resurgence in demand in China, Asia, and Africa, leading to improved profitability compared to the previous quarter. ▶ In the engine division, the focus on high-margin engine products has resulted in an operating profit margin of 16.6%, significantly enhancing overall profitability. HD Hyundai Infracore announced its financial performance for the first quarter of 2025 on Thursday, April 24, reporting sales of 1.185 trillion won and an operating profit of 67.8 billion won. These figures indicate a 12% decrease in sales and a 27% reduction in operating profit year over year, mainly due to a prolonged global recovery in demand. Nevertheless, the overall operating profit margin has improved to 6.7%, due to strategic measures aimed at enhancing profitability, which include price adjustments and reduced promotional expenditures. In the construction machinery division, sales reached 753.1 billion won, marking an 11% decline compared to the previous year, while operating profit stood at 23.6 billion won. The performance in developed markets like North America and Europe has encountered obstacles due to a slower-than-expected recovery in demand. However, the Chinese market has shown consistent growth for four quarters in a row. Additionally, there are positive signs of recovery emerging in developing markets such as Southeast Asia and Africa. The current quarter has shown improved performance compared to the previous quarter, with signs of recovery in some markets. This suggests that positive momentum is building, which is expected to create a solid foundation for increased profitability and an overall improvement in performance. The engine division saw a year-on-year sales decline of 14%, bringing total sales to 265.4 billion won, with an operating profit of 44.2 billion won. Importantly, the operating profit margin improved to 16.6%, thanks to a greater proportion of high-margin product sales. Engine sales for power generators have remained stable, bolstered by rising electricity demand in North America and emerging markets. Furthermore, there has been a rise in the sales of engines for large electronic gas generators, as well as for defense applications, with continued growth expected in these areas. An official from HD Hyundai Infracore has stated that the company intends to introduce next-generation models to enhance its competitive position, particularly in advanced markets. Efforts will also be directed toward strengthening profitability through measures such as reducing promotional expenses, lowering fixed costs, and increasing sales prices.

2025.04.24

HD Hyundai XiteSolution Secures Order for 22 Hydrogen Forklifts, Each Weighing 3.5 Tons

- Awarded the sole bid for the second phase of a national project in Korea, recognized for its technical excellence. - Reliability verification and economic analysis are underway through demonstration, with preparations for commercialization on track. - The company is at the forefront of transitioning to hydrogen mobility in the industrial sector by expanding its sales channels. HD Hyundai XiteSolution has established itself as a market leader in hydrogen industrial vehicles in South Korea and has begun full-scale commercialization. On April 17, the company announced that it received an order for 22 hydrogen fuel cell forklifts, each with a capacity of 3.5 tons, from the Korea Construction Equipment Technology Institute. Notably, the company has won the entire order, demonstrating the technical excellence of its products after supplying four 5-ton hydrogen forklifts in the first phase of the project last year. These forklifts will be utilized in the second phase of the national project titled “Demonstration-based Reliability Verification for Commercialization of Hydrogen Forklifts,” which will continue until March 2026 at Korea Zinc’s smelter in Onsan. The objective of this demonstration project is to establish a foundation for commercialization by verifying the reliability of hydrogen forklifts and assessing their economic and safety performance. Hydrogen forklifts are gaining attention as a key eco-friendly mobility solution for the future since they do not emit carbon dioxide during operation. The shift to hydrogen forklifts is expected to save approximately 1.8 tons of carbon dioxide per day and about 645 tons annually for the 22 units, which is equivalent to planting approximately 95,000 pine trees. In the United States and China, hydrogen forklifts have already been commercialized, and the supporting systems and infrastructure are in full development. The state of California, in particular, is promoting the use of eco-friendly forklifts, including electric and hydrogen models. According to market research firm Global Growth Research, the global hydrogen forklift market is expected to grow at a compound annual growth rate (CAGR) of 31.4%. It is projected to increase from $683.6 million last year to $7.439 billion by 2032. “This order is a recognition of the technology and reliability of our hydrogen forklifts,” said Kwanghee Hur, Head of Industrial Vehicles at HD Hyundai XiteSolution. “We aim to secure additional sales following the demonstration project and take the lead in the transition to hydrogen mobility in industrial sites in Korea.”

2025.04.17

HD Hyundai Heavy Industries Enters Latin American Market with Proprietary Submarine

▶ Participated in Latin America's largest defense exhibition SITDEF Perú, showcasing submarines and frigates for export ▶ Signed agreement with Peruvian state-owned shipbuilder SIMA to jointly develop 1,500-ton customized submarine ▶ Obtained AIP for self-developed medium-sized submarine HDS-1500 and signed MOU with UNI for shipbuilding research and development HD Hyundai Heavy Industries is launching its entry into the Latin American submarine market with its proprietary submarine. HD Hyundai Heavy Industries announced on the Monday, April 28th that it is participating in SITDEF 2025, Latin America's largest defense exhibition held in Lima, Peru from the 24th to the 27th local time. At the exhibition, HD Hyundai Heavy Industries jointly set up a 220㎡ exhibition booth with LIG Nex1, a global defense company, showcasing next-generation frigates ordered by the Peruvian Navy in April last year and next-generation submarines being jointly developed with the Peruvian government. HD Hyundai Heavy Industries also held a promotional seminar for its self-developed export submarines at the exhibition. The event was attended by key defense officials from both countries, including Peru's Defense Minister, Navy Chief of Staff, as well as the Director of Policy at the Republic of Korea Navy Headquarters and the Head of the Maneuver Program Department of the Defense Acquisition Program Administration. LIG Nex1 and others also participated in the seminar, introducing key systems and solutions to be installed on the submarine. Plans to expand naval vessel cooperation with Peru were also discussed. On the 24th local time, HD Hyundai Heavy Industries signed a “Memorandum of Agreement (MOA) for Joint Development of Peruvian Submarines” with Peruvian state-owned shipbuilder SIMA at the HD Hyundai Heavy Industries exhibition booth. This agreement is a follow-up measure to the Memorandum of Understanding (MOU) for submarine joint development signed at Peru APEC 2024 last November. The core of the MOA is to develop customized submarines based on HD Hyundai Heavy Industries' cutting-edge technology and Peru's maritime defense capabilities as part of the Peruvian Navy's aging fleet renewal program. The goal is to replace aging submarines with a 1,500-ton medium-sized vessel based on HD Hyundai Heavy Industries' HDS-1500 model. Additionally, HD Hyundai Heavy Industries signed an MOU with UNI, Universidad Nacional de Ingeniería, in Lima to promote education and research in the shipbuilding industry. Through this agreement, they plan to advance research and development of advanced technologies in shipbuilding and naval defense sectors and pursue various cooperative projects including talent development. Meanwhile, HD Hyundai Heavy Industries obtained Approval in Principle (AIP) on the 25th local time, from the global classification society DNV for the HDS-1500 submarine showcased at this exhibition. This follows the AIP received last year from DNV for the 2,300-ton submarine HDS-2300, expanding HD Hyundai Heavy Industries' K-submarine export lineup in the global market. "HD Hyundai Heavy Industries is expanding its cooperative relationship from surface vessels to submarines based on a long-term partnership with the Peruvian Navy. HD Hyundai Heavy Industries has completed all preparations to enter the Latin American market with Peru as its stronghold." said Joo Wonho, Head of the Naval & Special Ship Business Unit at HD Hyundai Heavy Industries. ■About SITDEF: The International Exhibition of Defense Technology and Disaster Prevention (Salón Internacional de Tecnología para la Defensa y prevención de desastres, SITDEF) is Latin America's largest defense exhibition held in Lima, Peru biennially since 2007. This year's exhibition was held from April 24th to 27th local time, with participation from over 170 global defense companies from 27 countries. Advanced defense technologies including major platforms for army, navy, and air force, missiles, air defense systems, and electronic warfare were showcased.

2025.04.28

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