Shanghai Hyundai Elevator, the Chinese affiliate of South Korea’s largest elevator manufacturer, has pledged to achieve a 5.9 percent market share in China by 2030, the company announced during its 30th anniversary ceremony held in Shanghai, China earlier today.

The anniversary was held in the Smart Campus auditorium located in Geumsan Industrial District, Shanghai, China, with top executives, including Hyundai Group Chairperson Hyun Jeong-eun and Hyundai Elevator CEO Cho Jae-chun, in attendance.

In a congratulatory speech, Hyundai Group Chairperson Hyun expressed her commitment to fostering further expansion of its Chinese branch by taking on endless novel challenges where “Hyundai Elevator took its first step toward globalization 30 years ago."

Originally founded as a joint venture between South Korea and China in 1993, Hyundai Elevator China transitioned into a wholly-owned subsidiary of Hyundai Elevator in 2014.

Since the establishment of the smart factory in Geumsan Industrial District in 2020, its annual production capacity has skyrocketed to 25,000 units from the 2,000 units when it was founded.

Currently, the Chinese subsidiary employs around 600 personnel, including local staff and expatriates.

“Through product diversification and optimization, the company aims to expand sales in the premium market," stated Hyundai Elevator CEO Cho during the ceremony.

“We also seek to achieve orders valuing 2.2 trillion won ($1.67 billion) and sales surpassing 2 trillion won ($1.67 billion) and leap forward as one of the world's top five elevator manufacturers by 2030.”

Hyundai Elevator produces elevators, escalators and moving walkways and is expanding its presence in the Chinese market, the world's largest market with an annual size of 800,000 units.

The company has six affiliates abroad in China, Indonesia, Malaysia, Brazil, Vietnam and Turkey and has been exporting its products to a total of 49 countries worldwide.

Additionally, its Chinese branch is expected to play a pivotal role in forthcoming construction projects in locales such as Saudi Arabia’s Neom City and Indonesia’s capital, as part of the "One Team Korea" initiative orchestrated by South Korea’s Ministry of Land, Infrastructure and Transport.

By Song Jung-hyun (junghyun792@heraldcorp.com)