▶ Signed agreement at CES to collaborate on future construction equipment technologies.
▶ Will establish a joint research center in the United States this year focusing on exploring market-leading technologies and creating joint strategies.
▶ Plans to expand scope of cooperation to search and invest in new tech start-ups.
(SEOUL, SOUTH KOREA – Jan. 12, 2024) HD Hyundai XiteSolution, the intermediary holding company for HD Hyundai’s construction equipment business, will be accelerating the technologies for the construction equipment sector and other future technologies with CNH.
HD Hyundai XiteSolution and CNH, a leading global agricultural and construction equipment company, signed a memorandum of understanding (MOU) to establish a joint research center in North America to collaborate on future technologies at CES 2024.
Young-cheul Cho, President and CEO of HD Hyundai XiteSolution, and Stefano Pampalone, President of Construction at CNH Industrial, signed the MOU, joined by Kisun Chung, Vice Chairman and CEO of HD Hyundai; Cheol-gon Choi, President and CEO of HD Hyundai Construction Equipment; and Scott W. Wine, CEO of CNH.
With this agreement, the two companies will work together to establish a joint research center(“CE Innovation Lab”) within the first half of 2024, where a team composed of both HD Hyundai XiteSolution and CNH specialists will cooperate. The team’s research will be dedicated to smart machine development and digital solutions and will jointly explore market-leading future technologies as well as development strategies.
By creating the CE Innovation Lab, both companies plan to co-invest in start-ups. The companies will also share each other’s digital innovation technologies and apply them to their own equipment.
“We are excited to expand our collaboration with HD Hyundai XiteSolution,” said Stefano Pampalone, President, Construction at CNH. “This joint effort will strengthen our commitment to growing CNH’s construction business and position both our companies as tech authorities in the industry.”
“It is highly encouraging that our partnership has extended beyond our product collaboration to include future technologies, a crucial factor to remain at the forefront of the construction equipment market. We look forward to working together even more closely to lead the way in the market.” said Young-Cheul Cho, President and CEO of HDX and Hyundai Infracore Co., Ltd.
Meanwhile, HD Hyundai Construction Equipment has been supplying mini excavators to CNH since 2017.
HD Hyundai XiteSolution is a leading global construction equipment manufacturer in future technologies with experience in successfully demonstrating Concept-X, the world’s first autonomous construction site solution from topography survey to fleet management.
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Photo caption: HD Hyundai XiteSolution and CNH taking a commemorative photo after signing an MOU establishing a joint research center and collaboration on future construction equipment technologies on Jan. 10, at CES in Las Vegas.
Photo caption: From the left: Vice Chairman and CEO of HD Hyundai, Kisun Chung; President of Construction at CNH Industrial, Stefano Pampalone; President and CEO of HD Hyundai XiteSolution, Young-cheul Cho; and CEO of CNH Industrial, Scott Wine
HD Hyundai XiteSolution
HD Hyundai XiteSolution is the intermediate holding company in the construction equipment sector of HD Hyundai, one of South Korea’s largest heavy industries conglomerates engaged in shipbuilding, heavy equipment, and energy business. Founded in 2021 and headquartered in South Korea, HD Hyundai XiteSolution aims to create synergy between its subsidiaries, HD Hyundai Construction Equipment (HCE) and HD Hyundai Infracore (HDI), major machine manufacturing companies with a leading position in construction equipment, engines, attachments, utility equipment and more. The two subsidiaries operate under its respective brands, Hyundai and DEVELON. While HCE and HDI each operate independently, HD Hyundai XiteSolution seeks to maximize the synergy between the two in R&D, purchasing, sales and international business. Alongside providing optimized solutions that propel synergy, HD Hyundai XiteSolution also targets to shape and solidify its own industrial vehicle and hydraulic component business by achieving ten trillion won in sales by 2025, becoming a global top five company in the field of construction machinery, and realizing its vision to create a blueprint for the future of the construction equipment industry in Korea.
To learn more, visit: https://www.hd-xitesolution.com/?locale=en
CNH Industrial (NYSE: CNHI / MI: CNHI) is a world-class equipment and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its global and regional Brands. Globally, Case IH and New Holland Agriculture supply 360° agriculture applications from machines to implements and the digital technologies that enhance them; and CASE and New Holland Construction Equipment deliver a full lineup of construction products that make the industry more productive. The Company’s regionally focused Brands include: STEYR, for agricultural tractors; Raven, a leader in digital agriculture, precision technology and the development of autonomous systems; Flexi-Coil, specializing in tillage and seeding systems; Miller, manufacturing application equipment; Kongskilde, providing tillage, seeding and hay & forage implements; and Eurocomach, producing a wide range of mini and midi excavators for the construction sector, including electric solutions. Across a history spanning over two centuries, CNH Industrial has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH Industrial’s 37,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world.
For more information and the latest financial and sustainability reports visit: cnh.com
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