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Daily Newsletter

15 January 2024

Daily Newsletter

15 January 2024

CNH and HD Hyundai to establish innovation lab for construction sector 

The lab will include a team of construction specialists from both companies who will research emerging technology trends.

Upasana Mukherjee January 12 2024

CNH and HD Hyundai have announced plans to further expand their partnership with the establishment of a joint research centre in the US.  

The companies signed a memorandum of understanding (MoU) at the CES Show event in Las Vegas, Nevada, which was signed by CNH Construction president Stefano Pampalone and HD Hyundai XiteSolution (HDX) CEO and president Young-Cheul Cho.  

HDX is the controlling company of HD Hyundai Construction Equipment and HD Hyundai Infracore

Pampalone said: “We are excited to expand our collaboration with HDX. This joint effort will strengthen our commitment to growing CNH’s construction business and position both our companies as tech authorities in the industry.” 

The new CE Innovation Lab will focus on accelerating the development of technologies for the construction industry. 

The collaboration aims to combine CNH and HDX's experience in construction, leveraging their strengths to enhance customer offerings. 

The CE Innovation Lab will include a team of CNH and HDX construction specialists who will research emerging technology trends and identify opportunities for portfolio enhancements.

The partnership is set to further the development of technologies such as automation and AI and their adoption. 

As part of the agreement, HDX will provide its patented AAVM+ 360-degree camera and radar system, which offers enhanced safety features, to CNH.  

Meanwhile, CNH will offer its Global Navigation Satellite System technologies, via its Hemisphere brand, to HDX.  

The two companies say they intend to expand their joint efforts within the research centre in the future.  

Young-Cheul said: “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.”

Analyzing the growth prospects of the global construction industry

GlobalData's latest report offers an insight into the outlook for the global construction industry to 2027. Despite the challenging macroeconomic and geopolitical backdrop, the global construction industry managed to continue to generate growth momentum in 2023, with global output rising by 3.4% in real terms. Much of this is owing to China’s surprisingly strong performance despite the prolonged real estate crisis there.

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