Doosan Bobcat

Doosan Bobcat Opens ‘eFORCE LAB.’ Battery Pack R&D Center, Accelerating Modular Battery Pack Development

Doosan Bobcat announced on August 27 that it has officially launched eFORCE LAB., a dedicated battery pack research and development (R&D) center focused on advancing next-generation electrification technologies for construction and other compact equipment. This effort marks a significant step toward the development of standardized, modular battery packs.
Opened on August 26, the new center is located in Indeokwon, Anyang-si, Gyeonggi Province, South Korea. It will serve as a hub for testing and developing core battery pack technologies designed to meet the demands of electrified construction equipment.
The name eFORCE LAB. combines the “e” from electrification, energy and eco-friendly with "Force," symbolizing the center’s mission to pioneer cutting-edge energy technologies for electrified equipment.
The inauguration event was attended by key leadership, including Scott Park, CEO and Vice Chairman of Doosan Bobcat; Hyungwon (HW) Park, President of Doosan Bobcat ALAO; and other global company executives. Together, they unveiled the vision for establishing eFORCE LAB. as a global R&D hub for battery pack innovation.

Since laying the groundwork for its battery pack business in 2023, Doosan Bobcat successfully deployed its in-house developed LFP (Lithium Iron Phosphate) battery packs on Bobcat forklifts in late 2024. Over 100 units powered by these LFP battery packs have been shipped, marking initial success of the company’s commercialization efforts.
The first official research project at eFORCE LAB. is the development of the Bobcat Standard Unit Pack (BSUP), a modular, next-generation battery pack solution for construction and material handling equipment. Designed like building blocks, BSUP allows users to expand battery capacity by stacking modular units. This solution will debut in forklifts and later extend to compact loaders, excavators and other Doosan Bobcat products.

Scott Park emphasized, “Electrification is an inevitable future—it's a transformation already underway in the construction industry. With eFORCE LAB. as our global R&D hub, we’re engineering solutions optimized for the challenging environments construction equipment operates in, defining new standards in the industry.”
Doosan Bobcat has invested in a vertical integration strategy to enhance product quality and strengthen supply resilience. In October 2024, the company acquired Doosan Mottrol to internalize the production of hydraulic components, key drivetrain elements for diesel-powered equipment. With proprietary battery pack technology within its business operations, Doosan Bobcat is equipped to address both traditional internal combustion and electrification equipment.

2025-08-27

Doosan Bobcat Reports Q2 Operating Profit of $145 Million

Doosan Bobcat announced on July 25th that its operating profit for the second quarter fell 16.3% year-over-year to $145 million. Revenue totaled $1.567 billion, marking a 3.8% decrease compared to the same period last year.
Doosan Bobcat identified inventory adjustments in advanced markets as the main reason for the decline in performance. The company explained that, while market demand remained similar to the previous year, it proactively reduced field inventory in preparation for uncertainties, such as tariffs.
However, compared to the previous quarter, revenue increased by 8.5%, and operating profit rose by 5.6%. Notably, operating profit has rebounded for three consecutive quarters since hitting a low in Q3 last year.
Breaking down sales by product category, the company reported decreases of 6% in Compact Equipment and 9% in Material Handling year-over-year. Conversely, Portable Power posted 4% growth, supported by increased sales of mobile generators. By region, revenue dropped by 5% in North America, 6% in Europe, the Middle East, and Africa (EMEA), and 10% in Asia, Latin America and Oceania (ALAO).
Doosan Bobcat maintained a solid financial position. Despite cash outflows of $184 million due to dividend payouts and share buybacks and cancellations, net cash rose by $82 million from the end of last year, reaching $115 million.
Additionally, Doosan Bobcat announced its Q2 dividend at 400 KRW per share. Starting this year, the company has transitioned from a semiannual dividend schedule to quarterly payouts, aiming to enhance investment stability.

2025-07-25

Doosan Bobcat Earns First Domestic Credit Rating…’AA- Stable’ from Korea Ratings

Doosan Bobcat has been acknowledged for its business stability and excellent profitability in its first domestic credit rating evaluation.
Doosan Bobcat Inc. announced on June 5th that it received an AA- (Stable) Issuer Credit Rating for corporate credit from Korea Ratings. This is the first time Doosan Bobcat has earned a corporate credit in Korea.
Korea Ratings assigns an AA rating to companies with excellent credit status and very low risk of default. Doosan Bobcat was recognized for its top-tier global market position, high level of brand awareness, and stable profitability, earning an AA rating in its first assessment.
As of the end of last year, Doosan Bobcat recorded an EBITDA margin of 13% and a debt-to-equity ratio of 74%. As a leading brand in the North American compact equipment market, it has been operating a stable business with an average annual sales growth of 15% and operating profit growth of 18% over the past five years.
A Doosan Bobcat official stated, “Receiving an AA- (Stable) rating in our first domestic corporate credit evaluation has significantly strengthened our external credibility. With this foundation in place, we will further solidify our business competitiveness through balanced capital management despite market uncertainties by diversifying our funding options.”

2025-06-05

Doosan Bobcat Reports Q1 Operating Profit of $138M…Operating Profit Margin at 9.5%

Doosan Bobcat announced its first-quarter results on April 28. Due to the high base effect from the previous year and economic uncertainties, revenue was down 20% year-over-year, recording $ 1,444 million. The Operating profit decreased 44% year-over-year to $138 million with a 9.5% margin.
Sales fell by 6% compared to the previous quarter due to seasonal effects, but operating profit increased by 8% thanks to reduced logistics costs and price increases. Operating profit has improved for two consecutive quarters, rebounding from $92 million in Q3 last year.
Due to economic uncertainties and concerns over a potential recession, demand slowed, leading to a 20% drop in sales across products and regions compared to the previous year. (YoY Sales by product: Compact Equipment -22%, Material Handling -20%, Portable Power -22% / YoY Sales by region: North America -22%, Europe, Middle East and Africa -21%, Asia, Latin America, and Oceania -21%)
A Doosan Bobcat representative stated, "Although uncertainties related to reciprocal tariffs have increased, we anticipate advantages from having local production bases in the U.S. The high base effect from Q1 last year makes the year-on-year decrease appear larger, but the Q1 performance this year aligns with the company's target."
Earlier on the 24th, Doosan Bobcat announced that the Q1 dividend would be set at KRW 400 per share. Based on the corporate value enhancement plan established last year, Doosan Bobcat designated an annual minimum dividend of KRW 1,600 and announced a shareholder return ratio of 40% of consolidated net income. After the announcement, the company canceled treasury shares worth KRW 200 billion.

2025-04-28

Doosan Bobcat Enters 'Battery Pack' Business, Accelerating Vertical Integration of Core Components

Doosan Bobcat is accelerating the internalization and vertical integration of core components by securing proprietary technologies for battery packs used in compact construction equipment and forklifts.
Doosan Bobcat and LG Energy Solution announced on March 19th that they have signed a Memorandum of Understanding (MOU) for the development of 'battery pack solutions for compact construction equipment.'
Through this MOU, the two companies will collaborate for standardized lithium battery packs and solutions for compact construction equipment and supply them to key markets including North America. Specifically, LG Energy Solution will provide lithium-ion battery cells or modules, while Doosan Bobcat will add battery management systems and package them to standard battery packs optimized for compact construction equipment. The companies will also discuss expanding the battery packs and solutions from construction equipment such as loaders and excavators to agricultural and landscaping equipment like tractors.

Hyunchul (Charlie) Park, CSO and Executive Vice President of Doosan Bobcat, stated, "We are pleased to develop battery packs for compact construction equipment on the back of excellent quality and stability of LG Energy Solution's cells," explaining the significance of the MOU. He added "We will standardize battery packs for compact construction equipment and provide solutions to major markets such as North America."
“We are excited to collaborate with Doosan Bobcat, a global leader in construction equipment, to develop electrification technologies and expand our business in this vitally important sector,” said Yooseong Oh, Senior Vice President and Head of LG Energy Solution’s Mobility & IT Battery Division. “We remain deeply committed to leading the challenge of electrifying various industries.”
Doosan Bobcat has been consistently working on the internalization of battery packs, which are directly connected to the performance of electrified equipment. Since 2023, the company has been collaborating with China's global lithium-ion battery company 'CosMX.' They have developed battery packs with enhanced stability and performance, and have been incorporating these into electric forklifts for sale since last year.

Last month, Doosan Bobcat and CosMX formalized their partnership by signing a Technical Assistance Agreement (TAA) to expand the collaboration. Through this agreement, Doosan Bobcat will receive initial training from CosMX on battery pack design and manufacturing techniques applicable to various products, securing proprietary technologies.
Additionally, Doosan Bobcat established a dedicated team for the battery pack business in January and plans to set up an R&D center. The R&D center, expected to be completed in the second half of this year and located in Pyeongchon, Anyang City, Gyeonggi Province, South Korea, will conduct technical validation for battery pack manufacturing.
With this move, Doosan Bobcat accelerates vertical integration of core components, including the acquisition of the hydraulic component specialist Doosan Mottrol last year and now entering the battery pack business. CSO Park said, "By vertically integrating the battery pack business following hydraulics, we have strengthened our competitiveness in core components, preparing for electrification as well as traditional industrial equipment," and added, "We plan to develop optimal battery packs by collaborating with leading global companies and apply them to various types of compact equipment."


About Doosan Bobcat Inc.
Doosan Bobcat Inc. represents the world-renowned Bobcat® equipment brand — a leader in the engineering, innovation, manufacturing and marketing of compact construction, landscaping and grounds maintenance equipment, forklifts and materials handling equipment, generators, air compressors, light towers, light compaction equipment, attachments and components.
Doosan Bobcat is a company within Doosan Group. Doosan Group is a top-tier global enterprise proudly serving customers and communities for more than a century.
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 69,600 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com/
About CosMX
COSMX is one of the worldwide major suppliers of Li-ion batteries, and has long served for world's well-known customers in the fields of PCs, laptops, tablets, smart phones, smart wearables, power tools, drones and other fields.
For more information, visit http://www.cosmx.com

2025-03-19