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July 16, 2024

Hyundai Rotem renews K2 supply consortium with Poland

PUBLISHED : July 10, 2024 - 16:13

UPDATED : July 10, 2024 - 16:13

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Representatives from Hyundai Rotem as well as the Korean and Polish governments, such as Lee Yong-bae (second from left), CEO of Hyundai Rotem, pose for a photo after signing an agreement to set up a new consortium for discussions over a second contract of the K2PL tank deal in Poland on Tuesday. (Hyundai Rotem)

Hyundai Rotem has renewed a consortium agreement with Poland's state armament group PGZ to carry out the production and delivery of K2PL, the Polish variant of Hyundai Rotem's K2 Black Panther tank, the Korean company said Wednesday.

The renewed contract has laid out the foundation for the two sides to engage in accelerating talks for a second K2 tank contract. According to Hyundai Rotem, the previous consortium, which began its term in March last year, reached its expiration date last month.

As the previous consortium focused on defining the collaborative relationship between the two sides over the issue of establishing K2PL tank production capabilities in Poland and delivering the products on time, the renewed consortium is expected to carry on the same momentum and focus on signing a second contract for the K2PL before the end of this year.

Hyundai Rotem credited the Korean government's utmost diplomatic support for the renewed consortium.

In August 2022, the Korean tank manufacturer under auto conglomerate Hyundai Motor Group inked a 4.5 trillion won ($3.2 billion) deal with PGZ to deliver 180 units of the K2 tanks. It accounted for the first phase of the 1,000 K2 tank contract Hyundai Rotem signed with PGZ. The deal included the Polish local production for half of the 1,000 K2 tanks.

Hyundai Rotem has so far delivered 46 units of the K2 tank to Poland. It plans to hand over 38 units in the second half of this year and 96 units next year to complete the delivery of the first phase contract's 180 units.

"Through the new consortium agreement signing, we still further strengthen cooperation with PGZ to successfully complete the K2PL project, for which we have been thoroughly preparing, to contribute to the modernization of the Polish military," said a Hyundai Rotem official.

By Kan Hyeong-woo (hwkan@heraldcorp.com)

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