SEOUL, June 18 (Korea Bizwire) — Doosan Bobcat Inc., a South Korean manufacturer of farm and construction equipment, said Thursday that it has posted robust sales in the North American compact tractor market.
Doosan Bobcat sold a total of 1,400 compact tractors in the January-May period in North America and expects to meet its annual sales target of 3,000 units this year, the company said in an emailed statement.
“Doosan Bobcat has made successful entry into the North American compact tractor market, buoyed by its various financial programs for buyers and its products’ good performance despite the coronavirus pandemic,” it said.
Doosan Bobcat advanced into the market in September 2019 after signing an original equipment manufacturer deal with Daedong Industrial Co., a South Korean tractor maker, in 2018, which will be effective until 2024.
Over the three-month period, Doosan Bobcat sold 1,100 units. The North American compact tractor market is estimated at about 170,000 units annually.
Doosan Bobcat aims to take up a 10 percent share in the North American compact tractor market with annual sales of 300 billion won (US$247 million) by 2025.
Doosan Bobcat is 51 percent owned by Doosan Infracore Co., a leading construction heavy equipment maker in South Korea.
Cash-strapped Doosan Group has put its stake in Doosan Infracore up for sale to repay its debts, so market watchers are keeping an eye on whether the group will sell Doosan Infracore’s stake in Doosan Bobcat.
In 2007, Doosan Infracore acquired Bobcat and other construction equipment units from North Carolina-based Ingersoll Rand PLC for $4.9 billion.