Hyundai Construction Equipment on 26 November that the company held its first heavy construction equipment auction. Conglomerate Hyundai’s construction equipment arm sold all 150 pieces of used heavy construction equipment during the auction, which attracted some 1,000 customers. Around 100 foreign dealers joined the deal, with many of them from countries with high demand for used construction equipment, such as Vietnam, Hong Kong, Taiwan, Pakistan, Kenya, and Chile. (Hyundai Construction Equipment) plans to increase its market footing in the used construction equipment market through the auction platform, said Kong Ki-young, Hyundai Construction Equipment CEO, revealing a plan to organize three additional auctions next year.
In Vietnam, the market for used heavy construction equipment is active, with annual sales of some 10,000 units, while the figure for new equipment remains at around 500 pieces. The company hopes to attract more customers in Southeast Asia and promote awareness of its brand overseas. Hyundai Construction Equipment currently accounts for 36 percent of the domestic market. It is striving to achieve annual sales of 7 trillion won ($6.4 billion) by 2023, with an aim of becoming one of the world’s top five construction equipment manufacturers by that year.