News story

Daewoo aims to double Chinese forklift market

Thursday, 20 January 2005 ( #192 ) - SEOUL, Korea, Democratic People's Republic Of
A D427 diesel engine from a Daewoo forklift.
A D427 diesel engine from a Daewoo forklift.
Daewoo Heavy Industries & Machinery Ltd plans to double its forklift sales in China to 3,000 this year.

The Korea Herald reported Daewoo Heavy planned to introduce six types of diesel engine forklifts that are "strategically designed" to compete against low-cost Chinese forklifts.

The new models generate less noise and vibration, and are less costly because of their low-cost Chinese parts, Daewoo Heavy said.

"We aim to become one of the top three forklift makers in China by 2008," a company spokesman said.

The company will also intensify its marketing to cover promising sectors in China, like cement, sugar refining and milling.

It will use its regional sales network and secure local agents to bolster sales of forklifts needed for China's burgeoning manufacturing sector and large-scale infrastructure improvements.

Daewoo Heavy's export of forklifts reached USD200 million last year and growth is forecast at 11 per cent for this year.
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