▶ 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.