Contract Value Estimated at 28.4 Bil. Won

Subway Line 2 in Harbin, China

Hyundai Elevator announced on Aug. 31 that it has landed an order for 229 escalators to be installed at 19 stations of Subway Line 2 in Harbin, Heilongjiang Province, China. The value of the order is estimated to be approximately RMB 165 million (approximately 28.4 billion won).

Hyundai Elevator initiated large scale Chinese subway projects by signing a contract to supply 52 escalators to five stations of Harbin Subway Line 3 in 2017. In the following year, it received orders to install 66 escalators in five stations of Subway Line 1 in 2018. Including the latest order, it has thus far landed orders for a total of 347 escalators. As a result, the company has strengthened its position as the largest supplier of subway escalators in Heilongjiang Province.

In addition, this project order will likely put Hyundai Elevator in an advantageous position in the second and third bidding for Subway Line 3 scheduled at the end of this year and early next year, respectively. The estimated scale of the two projects is about 320 units, which is similar to the all previous orders won by Hyundai Elevator put together.

An official from Hyundai Elevator said, “As the largest subway escalator supplier in Heilongjiang Province, Hyundai Elevator will stand on an advantageous position in landing future orders for installation in landmarks, subways of other regions, and high-speed railways.”

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