Seoul: HD Hyundai XiteSolution, a subsidiary of HD Hyundai Group specializing in construction machinery, announced on Monday its agreement to provide 230 electric forklifts to Polar Group, a leading food producer in Venezuela. This strategic deal marks a significant expansion for the Korean company within the South American market.

According to Yonhap News Agency, the agreement entails the delivery of 178 units of 2-ton forklifts and 52 units of 3- and 4.5-ton models to Polar Group by January. Although the financial details of the contract have not been officially disclosed, market analysts estimate its value to be approximately 10 billion won (US$6.85 million) or potentially higher.

HD Hyundai XiteSolution has been actively increasing its footprint in South America, aligning with its broader global expansion strategy. The company's sales of industrial vehicles have surged to 1,200 units this year, a notable increase from 570 units in 2020. An official from HD Hyundai XiteSolution commented on the development, stating, "We are working to diversify our global sales portfolio by strengthening our focus on emerging markets."