Hyundai expects US$ 3 billion in equipment revenues

Hyundai Heavy Industries says its construction equipment business is on track for a record year, with revenues in 2010 expected to exceed US$ 3 billion for the first time in its history.

The company said that its revenues to the end of October stood at US$ 2.5 billion and that it had sold 8506 excavators - its flagship product - in the year to date. Hyundai added that excavator sales in October alone were 1139 units.

"Among the best performing markets of the BRICs [Brazil, Russia, India & China], Africa, the Middle East and Southeast Asia, China is of course the most outstanding market, accounting for 50% of Hyundai Heavy's total construction equipment sales," said the company in a statement, adding that sales from its four factories in Jiangsu province and Beijing were up +73% from a year ago.

The company also claims to have secured an 11% share of the Indian market, thanks to a new manufacturing facility. Meanwhile it has seen +222% growth in Brazil and a massive +509% increase is sales to Russia, where it claims to be the market leader with a 30% stake.

The company concluded by saying that it would launch electric excavators later this year, which would cut fuel consumption by -70%, followed by the release of its hybrid model in 2011.