▶ Chosen directly by readers of a trade magazine focused on material handling products and customers in North America ▶ Equipped with a high-voltage battery, delivering performance comparable to diesel forklifts ▶ Plans to launch large electric forklifts to electrify heavy-duty work sites  HD Hyundai XiteSolution is excited to announce that its new mid-size electric forklift model has won the Readers' Choice Products of the Year award from Material Handling 24/7. This electric forklift, which weighs between 4 and 9 tons, was recognized in the forklift category at the prestigious Readers' Choice Products of the Year awards ceremony organized by Material Handling 24/7. This publication is a leading source in North America focused on the logistics and material handling industry. As the top trade publication in the forklift sector, Material Handling 24/7 honors outstanding products each year across 15 categories, with winners determined through reader voting. This year’s award is based on evaluations from industry professionals, including logistics center operators, equipment buyers, and drivers, underscoring that HD Hyundai XiteSolution's new electric forklift has been recognized for its outstanding performance and reliability in real-world operating conditions. The new electric forklift features a 300V high-voltage battery and a high-efficiency permanent magnet motor, providing power and driving performance on par with internal combustion engine forklifts in the same class. Notably, it is the first high-voltage electric forklift for sale in North America to obtain Underwriters Laboratories (UL) safety certification, significantly enhancing its safety and reliability. Most competing products, including those from China, are limited to 80V-class batteries, which do not deliver sufficient power compared with internal combustion engines. Customers can choose from a range of battery capacities based on their work environment and budget, enabling broad applicability—from sites requiring high-performance operations to those prioritizing cost efficiency. Charging options include fast charging and multi-charging, enabling a single charger to power multiple units and greatly enhancing on-site usability. Launched in the second half of this year, the new mid-sized electric forklift model has already secured over 110 orders in North America and Europe, reflecting strong market demand. Song Hee-joon, CEO of HD Hyundai XiteSolution, stated, “This award recognizes the technological prowess and product excellence of our new electric forklift in advanced markets.” He added, “We will lead the electrification shift in heavy-duty work sites by launching large-capacity electric forklifts over 10 tons in the future.”  

▶ Signed an exclusive business agreement with the Tamil Nadu state government to promote the establishment of a new shipyard ▶ Tamil Nadu state assessed as the most optimal site with climate and rainfall similar to Ulsan, and is expected to have additional large-scale investments in port facilities ▶ Will also be partnering with an Indian state-owned enterprise for port crane business to deliver goliath and jib cranes to local shipyards ▶ "India is a market with strong growth potential, and we hope to expand cooperation and develop it into a new growth engine"   HD Hyundai has initiated a review on the establishment of a new shipyard in India. HD Hyundai announced on Sunday, December 7, that it signed a strategic and comprehensive partnership with the Tamil Nadu state government regarding the establishment of a new shipyard in India. The ceremony was held recently in Madurai, southern India, with the attendance of Tamil Nadu Chief Minister M.K. Stalin, State Industries Minister T.R.B. Rajaa, and Head of Corporate Planning at HD Korea Shipbuilding & Offshore Engineering, Choi Hannae. The Indian government is strategically pursuing the "Maritime Amrit Kaal Vision 2047" in an effort to become one of the world's top five shipbuilding and shipping nations. To achieve this goal, the government is actively reviewing not only the expansion of existing shipyards but also the establishment of new facilities. In practice, the Indian government has shortlisted five states—including Tamil Nadu, Gujarat, and Andhra Pradesh—as candidate sites for the construction of a new shipyard and is currently in the process of identifying the most suitable location. Seeking to revitalize the local economy, the Tamil Nadu state government has made the establishment of a shipyard its top priority and has expanded efforts to provide incentives and subsidies, enhance infrastructure, and secure skilled talent. As a result, the state has ultimately selected HD Hyundai as its project partner for the establishment of the new shipyard. In particular, the Thoothukudi region of Tamil Nadu—cited as one of the candidate sites for the new shipyard—is regarded as an optimal location, with temperature and rainfall conditions similar to those of Ulsan, Korea, where HD Hyundai Heavy Industries is located. It already hosts major Korean companies such as Hyundai Motor Company and Samsung Electronics, and large-scale investments are planned for nearby port facilities, further strengthening expectations for future business expansion. Earlier this month, HD Hyundai also signed a Memorandum of Understanding on the collaboration for maritime & port crane development in India with BEML (Bharat Earth Movers Limited), a state-owned enterprise under the Indian Ministry of Defence, in Bengaluru, southern India. Headquartered in Bengaluru, BEML operates in various sectors including defense and aerospace equipment, mining and construction equipment, and railway and metro vehicles. The company also has multiple manufacturing bases in southern India, including Bengaluru and Kolar. Through this agreement, HD Hyundai plans to strengthen collaboration with BEML across the entire crane manufacturing process—including design, production, and quality assurance—aiming to gradually build port crane manufacturing capabilities within India. Looking ahead, the company also plans to expand its business by supplying goliath and jib cranes to local shipyards in India. In relation to this, HD Hyundai Samho, a shipbuilding affiliate of HD Hyundai, successfully delivered a 600-ton Goliath crane to Cochin Shipyard, India's largest state-owned shipbuilder, in February of this year. In addition, in August, HD Korea Shipbuilding & Offshore Engineering, the intermediary holding company for the shipbuilding division, announced it would acquire HD Hyundai Eco Vina from Doosan Enerbility to further reinforce HD Hyundai's ongoing expansion in the crane business. An HD Hyundai official said, "India is a market with strong growth potential, backed by the government's robust commitment to fostering the shipbuilding industry," adding, "We will continue to expand cooperation with India in the shipbuilding and offshore sectors and develop it into a new growth engine." Earlier in July this year, HD Hyundai signed an MOU with Cochin Shipyard to promote cooperation in a wide range of areas, including design and procurement support, productivity enhancement, and human capital development. More recently, the scope of this partnership has been expanded to include naval vessel projects, further strengthening HD Hyundai's presence in India.

Last November, President Lee Jae-myung announced through the joint fact sheet from the Korea-U.S. summit with President Donald Trump that the U.S. government had expressed its support for Korea’s plan to develop nuclear-powered submarines. This announcement has raised expectations among Korean shipbuilders about advancing nuclear submarine programs. Nuclear submarines generate powerful propulsion from nuclear fission and operate without external air intake, allowing them to remain submerged for extended covert missions while also reaching designated operational areas quickly at maximum speed. In addition, since nuclear submarines equipped with small reactors have larger hulls than conventional submarines, they can carry a greater array of weapons. However, managing the reactor that provides propulsion and addressing the noise and vibration characteristics unique to nuclear submarines remain significant technical challenges. For those reasons, the development of nuclear submarines requires advanced engineering capabilities and a robust national infrastructure for construction and operation. HD Hyundai is at the forefront of next-generation nuclear-powered vessels, collaborating with the U.S. on the development of SMR (Small Modular Reactor)-powered vessels. The company has also secured contracts for performance upgrades of the Republic of Korea Navy’s main submarines and is preparing for overseas submarine exports, demonstrating its advanced technological expertise in the submarine sector. HD Hyundai Expands Capabilities on Its Domestic Submarine-Building Record HD Hyundai Heavy Industries (HHI) has built a total of nine submarines to date. Beginning with the Son Won-il in 2007, the company successfully delivered six 1,800-ton submarines. It also constructed the 3,000-ton submarine Shin Chae-ho, which was launched in September 2021 and delivered in April 2024. In addition, HHI has secured contracts for performance upgrades on three 1,800-ton submarines, underscoring its advanced technological capabilities and competitiveness in the submarine sector. Photo. Sea trials of an 1,800-ton submarine built by HD Hyundai Heavy Industries and delivered to the Republic of Korea Navy in 2016. In June this year, the company also carried out a major overhaul of this diesel-powered submarine.   Jeong Woo-maan, a vice president of HHI, said during the company’s Q3 2025 earnings conference call, “Following the recent merger of HHI and HD Hyundai Mipo, our in-house construction capabilities have expanded. We plan to further enhance our submarine construction capacity, taking into account the Republic of Korea Navy’s combat ships and submarines, as well as Canadian and nuclear-powered submarines, and we are actively moving forward with this plan.” HD Hyundai Applies Lithium Batteries in Submarines for the First Time A representative example is the nation’s first development of a submarine power supply system using lithium-ion polymer batteries. Once a submarine submerges, it is cut off from external air, making engine operation impossible. Therefore, for underwater navigation, it is necessary to use energy storage devices to supply power. Lithium batteries have superior energy storage capacity and can be made lighter compared to the batteries that have traditionally been used in submarines.  Through the application of this lithium battery power supply system, HHI has increased one of the most important performance metrics of submarines—submerged endurance—by more than 1.5 times. Additionally, the sustained underwater top speed has improved by more than three times. HD Hyundai Prepares for Submarine Exports to Peru HHI recently signed a letter of intent (LOI) with Shipyard Marine Industrial Services (SIMA) for the joint development and construction of a 1,500-ton submarine for the Peruvian Navy. Choi Taebok, a vice president at HHI said, “Once we establish a successful track record in submarine development with SIMA, it will strengthen our momentum in the global export market. The Peruvian submarine model is already drawing interest from other countries such as Portugal, and we expect to secure export competitiveness in submarines under 2,000-tons.” Photo. A rendering of the export submarine model developed by HD Hyundai Heavy Industries HD Hyundai Accelerates Its Leadership in SMR Technology HD Hyundai is advancing the development of SMR technology, a type of reactor that serves as the power source for nuclear-powered submarines. SMRs are next-generation nuclear plants with capacities under 500 MW, designed to be smaller and more compact than traditional large-scale reactors while offering enhanced safety. In December 2024, HD Hyundai secured a project from TerraPower, a leading U.S. SMR company founded by Bill Gates, to manufacture cylindrical reactor vessels. The vessels will be installed in TerraPower’s 4th-generation Sodium Fast Reactor (SFR), which is planned for deployment in Kemmerer, Wyoming. As a type of SMR, the SFR is noted for its enhanced safety, high technological maturity, and significantly reduced nuclear waste—approximately one-twentieth that of conventional reactors—making it one of the most promising next-generation SMR technologies. Photo. On Friday, August 22, HD Hyundai Chairman Chung Kisun met with TerraPower Chairman and Founder Bill Gates to discuss nuclear supply chain cooperation. Building on its extensive manufacturing experience and advanced technological capabilities, HD Hyundai is expected to lay the groundwork for the commercial deployment of the Natrium reactor. This March, HD Hyundai signed an agreement with TerraPower to study and develop optimized manufacturing methods for the key equipment to be installed in the Natrium reactor. Through this collaboration, the company plans to expand its manufacturing base to support the full-scale commercialization of the Natrium reactor. HD Hyundai is developing a new type of nuclear-powered vessel, a ship that has never been built in Korea. Since SMR-powered vessels and nuclear submarines share fundamentally similar technologies, the expertise gained from this development is expected to be actively leveraged in nuclear submarine construction. In February of this year, HD Hyundai unveiled its first concept model of a container ship design model applying SMR technology at an event held in Houston, U.S. The company is currently developing a 15,000 TEU-class container vessel powered by an MSR (Molten Salt Reactor) engine system. MSR uses molten salt as both coolant and fuel carrier at high temperatures. Development of this SMR-powered vessel is currently around 50 percent complete, with full-scale completion targeted for 2030. Earlier, HD Hyundai received Approval in Principle (AIP) from the American Bureau of Shipping (ABS) for a 15,000 TEU-class container ship design model applying SMR technology. Photo. Rendering of a 15,000 TEU-class container ship powered by SMR, unveiled by HD Korea Shipbuilding & Offshore Engineering In November 2022, HD Hyundai invested USD 30 million in TerraPower. This investment reflects the group’s efforts to leverage its capabilities in the nuclear sector to explore new business opportunities and, in the long term, to secure a leading position in offshore nuclear power and nuclear-powered vessels. Nuclear submarines are recognized as a game changer in determining global naval capabilities. HD Hyundai is taking the lead in preparing for the nuclear submarine era by collaborating with global partners and advancing its technological expertise.