SEOUL, South Korea--(BUSINESS WIRE)--Hyosung Chairman Cho Hyun-joon is gearing up to expand the company’s key businesses in the U.S., the largest global market.
According to Hyosung (KRX:004800), Chairman Cho recently visited the U.S. subsidiary of Hyosung TNS in Dallas, Texas. This visit was organized with a goal of Chairman Cho’s MBWA (management by wandering around) for the U.S. market expansion with the company’s key businesses.
It was based on the company’s strategic decision that winning recognition for the company’s technological power and quality in the U.S. and promoting market entry ahead of the competitors are a must in order to strengthen the company’s status to stand unchallenged at the top in the global market and gain driving power for the new market expansion in the post-pandemic era.
“The U.S. is at the core of the global market that is changing rapidly in the post-COVID-19 era,” said Chairman Cho. He emphasized, “We must increase our market dominance in the U.S. based on the strict localization strategy and customer-oriented response.”
Chairman Cho, Calling for Innovation in Line with Financial Digitalization during His Visit to ATM Showroom of Hyosung TNS
On the 10th (local time), Chairman Cho visited the U.S. subsidiary of Hyosung TNS (NHA (Nautilus Hyosung America)) in Dallas. He conducted inspections of the NHA showroom and products, and discussed plans for the company’s market expansion including marketing strategies to be implemented in the future.
Since its entry to the U.S. market in the mid-2000s, Hyosung TNS has been focusing on customer-oriented marketing activities, and recorded the largest share of 73% in the small-scale ATM market. It is also supplying products with differentiated functions, such as cash recycler, to major banks.
While meeting up with the local financial and IT experts and discussing the market trend with them, Chairman Cho ordered NHA to promote intensive innovation and technological development for survival in the market as the speed of conversion to financial and payment service digitalization is accelerating in the U.S.
Hyosung TNS plans to embark on the development of software and platform, such as a kiosk for cryptocurrency trading, by enhancing cooperation with the U.S. financial institutions.
Focusing on Development of Automobile Components and Materials in Preparation for the Electric Vehicle and Fuel Cell Electric Vehicle Era
Meanwhile, Hyosung is strengthening strategies to target the U.S. automobile market, which is displaying a clear trend of recovery since the outbreak of COVID-19. Major automakers in the U.S. announced a plan to increase their share of electric vehicles up to 50% by 2030. Accordingly, the market for electric and fuel cell electric vehicle components and materials is expected to grow considerably.
Hyosung plans to speed up the development of automotive materials, such as for carpets, and high-tech materials applied to the electric vehicle tire cord including aromatic amide, while focusing on expanding the development and supply of tire cords for electric and fuel cell electric vehicles.
