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HD Hyundai XiteSolution lands Venezuela EV forklift deal
HD Hyundai XiteSolution has secured a large-volume order for electric forklifts in an emerging Latin American market.
HD Hyundai XiteSolution's two-ton electric forklift
By Ko Dong-hwan
The company announced Monday that it received an order for 230 electric forklifts from Empresas Polar, the largest food company in Venezuela.
Under the deal, the Korean company will supply 178 two-ton electric forklifts and 52 three-ton and four-and-a-half-ton models to the local market by January 2026. The company also plans to participate in follow-up bids from Empresas Polar.
Valued at more than 10 billion won ($6.9 million), the project marks the largest electric forklift supply contract the company has ever signed in Latin America.
The order comes as a result of an early response to the region’s growing demand for electrification. HD Hyundai XiteSolution identified the optimal timing to replace the client’s aging diesel forklifts, previously produced by Toyota, and proposed products tailored to local working environments, while leveraging its on-site service capabilities to secure the deal.
All forklifts are equipped with high-performance lithium-ion batteries that offer about 2.5 times the lifespan and three times the charging speed of conventional lead-acid batteries. The units also feature the Hi-Mate smart equipment management system, which allows real-time online monitoring of operating status, battery levels and maintenance records.
Sales of HD Hyundai XiteSolution’s industrial vehicles in Latin America have steadily increased, reaching around 1,200 units this year — more than double the 570 units sold in 2020.
“We are expanding our sales structure beyond North America into emerging markets to diversify our global portfolio,” an HD Hyundai XiteSolution official said.
“Going forward, we will strengthen our sales, service and training systems through locally based dealer networks to proactively respond to electrification demand in key emerging markets.”