Already a Year Old: The Three Hyundai Construction Equipment Companies Celebrate Their First Anniversary

On August 19th, the three Hyundai construction equipment companies (Hyundai Genuine, Hyundai Construction Equipment, and Hyundai Doosan Infracore) gathered to celebrate their first anniversary. Reflecting on their first year, the three companies revised their mid- and long-term strategy. We provide you with what brave plans the three devised to become one of the global top 5 companies with this news.

A Time Devoted to Design a Growth Strategy

to Reach Their Goal of Becoming Global Top 5

The three companies celebrated their anniversary with a ceremony held at Hyundai Doosan Infracore Headquarters located in Incheon. The CEOs and executives including Son Dongyeon (Vice CEO of Hyundai Genuine), Choi Cheolgon (CEO of Hyundai Construction Equipment), and Oh Seunghyeon (CEO of Hyundai Doosan Infracore) attended the event. Fifty employees including Yoo Junmo (Head of Hyundai Doosan Infracore Labor Union) and Lim Yeongmo (Department Head of Metal Workers Union at Hyundai Heavy Machinery) also attended to celebrate the anniversary.

Representing the three CEOs, Jo Yeongcheol (CEO of Hyundai Genuine) delivered a speech honoring the anniversary. He stated that the increased key interest rates and raw material costs combined with a prolonged depression in the Chinese market “are challenging.” He also highlighted that the first half of 2023 “would be the golden time given to us to reach our goal of becoming one of the global top 5 as planned.”

The CEO demanded the executives and employees confront this trying period as if the companies are in an urgent situation. He promised that the company culture will be changed by avoiding unnecessary meetings to enhance work efficiency and streamlining the reporting procedure to facilitate prompt decision-making.

Furthermore, to become the top-tier construction equipment company beyond the global top 5, he proclaimed to devise a mid-and long-term growth strategy by improving the product portfolio and reinforcing regional strategies by focusing on regional differences.

The celebration ceremony was a place to honor the three companies’ anniversary and a place to design fresh strategies for their growth. A special lecture from Ryu Hansoo (Sangmyeong University Professor in the Department of Historical Contents), who specializes in Russia, provided a great opportunity to review the global market. The lecture discussed what triggered the Russia-Ukraine war and how the world would change after the conflict. Ryu’s lecture helped the participants reflect on a plan to respond to a shift in the companies’ business environment in the region due to the recent crisis.

After the event, the three CEOs and heads of the Labor Union in Hyundai Construction Equipment and Hyundai Doosan Infracore planted a persimmon tree together representing a harmonious relationship between the three companies. The members then visited the construction equipment factory and an engine factory in the Incheon plant to inspect the safety of facilities.

Celebrating Their First Anniversary Together

The companies made a video celebrating the anniversary. Twenty employees from the three companies had an interview reflecting on the path the three companies walked together and addressing the expectation they have of the companies. Each participant expressed their hopes for the harmonious future and growth the three companies will experience and proclaimed their determination of taking their part to reach the companies’ goal of becoming one of the global top 5 construction equipment manufacturers.

“If you want to go fast, go alone; if you want to go far, go together.”—a famous African maxim. Hyundai Construction Equipment, Hyundai Genuine, and Hyundai Doosan Infracore understand the maxim more than anyone else, experiencing for the past year the value and power of going together. Through intricate cooperation in every aspect of operation including purchasing, technology, etc., the three companies will become one of the global top 5 construction equipment manufacturers and leap towards a top-tier construction equipment maker.