Doosan set new production record in China
Doosan Infracore China Corporation exceed cumulative production total of 200,000 excavators
SOME 26 years after entering the Chinese market, Doosan Infracore have set a new record after surpassing the 200,000 mark in the cumulative production of excavators in China – a first among all foreign companies operating in the country.
Doosan Infracore’s Chinese subsidiary, Doosan Infracore China Corporation Co. Ltd (DICC), established a presence in in Yantai, China, in October 1994. To mark the recent milestone achievement, DICC invited employees, dealers and customers to the Yantai plant to celebrate the production and handover of the 200,000th excavator.
It was in 2001, on the back of rapid growth in the Chinese excavator market, that Doosan Infracore passed the 5,000 mark in cumulative production and emerged as the market leader, beating the leading Japanese manufacturers that had dominated the Chinese market up until that time.
Doosan Infracore’s annual output in China reached the 10,000-unit mark in the middle of the 2000s and exceeded 20,000 units in 2010. Since then, the company has steadily strengthened its position in the Chinese market, increasing its market share from 12.9% in 2015 to 22.8% in the third quarter of 2020.
The Chinese excavator market recorded its largest-ever annual figure of 200,000 units in 2019, and although it contracted for about two months in the aftermath of the COVID-19 crisis at the beginning of 2020, recovery since March last year has been rapid and the market is estimated to have achieved another record by growing to 275,000 units in 2020.
In 2019, Doosan Infracore sold more than 15,000 excavators in the Chinese market, whilst their total sales up until the end of the third quarter of last year amounted to 14,348 units, up 21% from the same period in 2019. In addition, the company posted sales revenue of KRW308.9 billion (£202.1 million) during the third quarter of 2020, representing an increase of 55% over the same period the previous year.