Tata Daewoo triumphs in global market with 40% export surge

South Korea's Tata Daewoo Commercial Vehicle Company (TDCV) achieved remarkable success last year by exporting 40% of its total sales, despite the global economic downturn. 

Furthermore, export volumes saw a significant increase of more than 30% within a year.

Tata Daewoo announced on Tuesday that it had sold 3,767 units in international markets out of a total of 9,502 units in the previous year. Eurasia was the largest market, accounting for 60% of the exports, followed by the Middle East at 24% and Africa at 10%.

Over the past few years, the company has consistently increased its export volumes.

After a brief slowdown due to COVID-19, export figures rose from 1,695 units in 2019 to 2,843 units in 2022, and further to 3,767 units last year, marking a substantial 32% increase in just one year.

Tata Daewoo's global footprint extends to 92 countries, and it operates knock-down (KD) assembly facilities in 7 countries.

The company's flagship truck models, Maxomis and Novus, have gained recognition for their quality in the Middle East and Africa, earning the $300 million export tower award from the South Korean government in 2013.

Aiming to broaden its export market, Tata Daewoo is focusing on aggressive sales and marketing strategies centered around its newly launched models: the heavy-duty truck Maxen, the medium-duty truck Kuxen, and the medium-duty truck Dexen.

The company is actively exploring opportunities to penetrate new markets, including Europe, North America, and Asia, regions known for their substantial medium and heavy truck markets.

This expansion plan also includes the Middle East, notably Saudi Arabia with its Neom City project, and Africa, leveraging tailored sales strategies to cater to the diverse needs of these markets.

Write to Nan-Sae Bin at binthere@hankyung.com