- Chairman Kwon emphasized the need for Korean shipbuilders to optimize technology, design, and production to outpace China’s competitive shipbuilding industry.
- Collaboration with the U.S. and strategic investments in new technologies and businesses are key aspects of HD Hyundai’s forward-looking plans.
- The company is prioritizing technological innovation, autonomous navigation systems, and digitalized shipyards, and exploring future ventures like SMRs and hydrogen fuel cells.
In his recent New Year’s address, Chairman Kwon of HD Hyundai outlined a robust vision to address the challenges posed by China’s growing shipbuilding dominance. By fostering innovation and strategic partnerships, particularly with the United States, and investing in cutting-edge technologies, the company aims to solidify its position as a global leader in the maritime industry, reports Chosun Biz.
Responding to China’s Competitive Pricing
Chairman Kwon highlighted the increasing competition from Chinese shipbuilders, who leverage cost advantages.
In response, Korea’s four major shipbuilders—HD Korea Shipbuilding & Offshore Engineering, HD Hyundai Heavy Industries, HD Hyundai Samho, and HD Hyundai Mipo—are collaborating to enhance synergies in technology development, design, and production.
The goal is to create vessels that surpass Chinese capabilities and reclaim lost market share.
Exploring New Opportunities with U.S. Cooperation
Kwon sees collaboration with the U.S. as a significant opportunity for the Korean shipbuilding sector, aligning with calls for partnership by U.S. leadership.
He stressed the importance of calm and strategic engagement to showcase the strengths of “K-Shipbuilding” on the global stage through close government cooperation.
Commitment to Technological Innovation
Kwon emphasized that market conditions are unpredictable, making resilience and innovation crucial.
HD Hyundai is intensifying its focus on nurturing research, design, and development talent through its Global Research Center (GRC).
This commitment aims to maintain a competitive edge through continuous technological advancements.
Investing in Future Technologies
The company is investing heavily in forward-looking projects, including:
- Avicus: Development of autonomous ship navigation systems.
- Future of Shipyard (FOS): Digitalization and modernization of shipyards.
- Defense Sector Growth: Overseas investments to expand the K-defense industry.
- Automation and Robotics: Unmanned, intelligent equipment and expanded robotics solutions.
Expanding into New Business Areas
HD Hyundai is diversifying beyond shipbuilding into advanced energy and technology sectors, such as:
- Equity investments in small modular reactors (SMRs).
- Establishment of HD Hydrogen for fuel cell innovation.
- New drug development initiatives via AMC Science.
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Source: Chosun Biz
