Doosan Bobcat

Doosan Bobcat Invests Equity in a Silicon Valley Agtech Company, Spurring the Development of Its Autonomous Technology

Doosan Bobcat is accelerating the development of autonomous technology by signing a series of agreements with unmanned and automation-related software companies.


Doosan Bobcat announced on the 7th that it invested in Agtonomy, an ag-tech software company based in Silicon Valley, California, USA. Agtonomy has received investments from GV (Google Ventures), Toyota Ventures, and Mirae Asset Venture Investment, among others.


Agtonomy has the technology to remotely perform labor-intensive tasks such as weeding, mowing grass, spraying crop protectants, and transporting crops. The technology is considered a solution that can help address skilled labor shortages, while supporting lower operating costs and higher productivity.


Doosan Bobcat, which has a variety of agricultural and grounds maintenance equipment such as tractors, lawn mowers, utility vehicles, and attachments designed for farmers, ranchers, and landowners, had signed a strategic partnership with Agtonomy in February. Both parties have been developing remote, unmanned and electrified technologies that improve agricultural work efficiency and accuracy. And this equity investment is aimed at supporting the long-term partnership between the two, further accelerating technological advancements.


In addition, Doosan Bobcat is collaborating with several technology companies to advance its innovations. For instance, the company signed an equity investment agreement with Ainstein, a U.S. company specializing in radar sensors, in 2021. Another equity investment agreement with U.S.-based Greenzie followed this in 2022; Greenzie is an autonomous software company for commercial lawn mowers and outdoor power equipment. Meanwhile, Doosan Industrial Vehicle, a subsidiary of Doosan Bobcat, has been advancing its AGF (automated guided forklift) technology through a partnership with Kollmorgen, a Swedish platform provider for driverless logistics automation solutions.


According to MarketResearch.com, an American research institute, the global market for autonomous agriculture equipment was estimated at USD 10.7 billion last year and is expected to grow at a CAGR of 21% over the next five years, reaching USD 28.5 billion by 2027.


An official from Doosan Bobcat said, “Our goal is to provide smart solutions that enable people to focus on more productive and efficient work by automating simple repetitive tasks. Through collaboration with global companies, we plan to apply autonomous technology to equipment in various fields such as agriculture, landscaping, construction, and logistics, as well as electric and autonomous lawn mower products to be introduced towards the end of the year.”

2023-06-07

Doosan Bobcat achieves 15% profit margin with an operating profit of KRW 369.7 billion

On the 26th, Doosan Bobcat announced that it had posted sales of KRW 2 trillion and 405.1 billion, operating earnings of KRW 369.7 billion, and an operating margin of 15.4% in the first quarter, showing increases of 46.6%, 90.2%, and 3.5%p, respectively, compared to the same period last year. The company also recorded a net profit of KRW 207.5 billion, which is more than double the figure for the previous year, thanks to an increase in its operating profit. In dollar terms, the company recorded sales of USD 1 billion and 886 million, operating profit of USD 290 million, and a net profit of USD 163 million.


The company’s net debt in the first quarter stood at USD 275 million (KRW 358.5 billion), a decrease of 47% from the end of the previous year thanks to the strong growth in its operating profit.


The growth of all its product lines, especially in North America, is the main driver of this outstanding record. Sales in North America increased by 55% compared to the previous year (hereafter, in US dollars), while those in the EMEA (Europe, Middle East, and Africa) region increased by 12% despite the weak Euro. Meanwhile, sales in the ALAO (Asia, Latin America, and Oceania) region decreased by 5% due to the unfavorable exchange rate and the rise in interest rates.


All product categories within the company showed an even growth rate – compact equipment: 37%; portable power: 42%; industrial vehicles: 43%. Among compact equipment, sales of GME(Grounds Maintenance Equipment), including compact tractors and lawn mowers, maintained their growth trend in North America with a sales increase of 55%.


Even with the high increase in sales in Q1, sales of compact equipment and portable power are likely to continue increasing as the order backlog still remains at a high level. It is also expected that sales of industrial vehicles will continue rising thanks to the realization of prices and the recovery of the US manufacturing sector.

2023-04-26

Doosan Bobcat Announces Its Global Brand Transition Strategy

Doosan Bobcat announced on March 24 it will transition its brand strategy by reorganizing the company’s brand portfolio by region, with emphasis on the North American and European markets.


This transition strategy will rebrand Doosan Industrial Vehicle’s material handling equipment, including forklifts; and Doosan Portable Power’s products, such as portable generators and light towers. Doosan Bobcat plans to apply the Bobcat brand to these products in regions where the Bobcat brand is well recognized.


Doosan Bobcat has successfully applied its Bobcat brand to new product lines in recent years, which has contributed to the company’s overall business growth.


Even with these transitions in select regions, the Doosan brand will maintain its presence in other regions where it has stronger brand recognition, such as the domestic market. For example, the Doosan brand will be retained for Doosan Industrial Vehicle’s material handling and forklift equipment in China, India and Southeast Asia.


"Re-establishing our brand strategy will enhance our brand power and increase efficiencies throughout our global operations. Doosan Bobcat will strengthen its competitiveness by carrying out sales strategies tailored to each region where the Doosan and Bobcat brands each have strengths," said an official of Doosan Bobcat.


Doosan Bobcat unveils its new Bobcat-branded portable power and material handling products at key trade shows in March and April.


The rebranded portable power products were shown at CONEXPO-CON/AGG in Las Vegas, Nevada, U.S. The rebranded material handling products were shown at ProMat 2023 in Chicago, Illinois, U.S., and will be shown at LogiMAT in Germany in April. These rebranded machines will be available at a later date, with more information forthcoming.


Another booth highlight was the company’s newest hydrogen fuel cell-powered forklift concept. The hydrogen fuel cell forklift is under development with Plug (formerly Plug Power). As fuel cell forklifts have already been commercialized, especially in large logistics warehouses, many attendees showed their interest in the equipment.

2023-03-24

Doosan Bobcat showcases its latest electric equipment and autonomous technology at CONEXPO/CON-AGG 2023

Doosan Bobcat introduced its latest products and industry-leading technologies at the CONEXPO/CON-AGG 2023, which was held at the Las Vegas Convention Center (LVCC) on March 14-18.


CONEXPO, one of the world's top three construction equipment exhibitions, is held every three years in the United States. This year’s exhibition was held on the largest scale ever, with more than 1,800 exhibitors from around the world, with a floor area of about 260,000 square meters.


As in the automobile industry, autonomous and electric are the two hottest technologies in the construction equipment industry. Doosan Bobcat set up a booth of 2,043㎡ under the slogan ‘If you can dream it, Bobcat can build it,’ and exhibited its cutting-edge electric equipment and autonomous, digital technology that leads the industry.


In the 14th, Doosan Bobcat unveiled the ‘RogueX,’ a concept loader that embodies the future technology that the company aims to develop. The RogueX, an unmanned electric loader, attracted a lot of audiences with its innovative cab-less design.



Doosan Bobcat also unveiled a prototype of the world’s first all-electric skid-steer loader ‘S7X’. S7X is the company’s new all-electric loader, following the CES 2022 innovation award honoree T7X. Having invented the world's first skid-steer loader and created and dominated the compact equipment industry, Bobcat now reinvented skid-steer loaders with the S7X. The S7X has a maximum operation time of 8 hours, delivers superior performance compared to equivalent diesel-powered loaders, and is nearly silent.





The company also exhibited the E10e, E19e, and E32e, a series of 1 to 3-ton class electric excavator models that it originally introduced in the European market.


Doosan Bobcat also exhibited a number of its innovative digital features and technologies, such as MaxControl, a remote-control system that uses smartphone, Machine IQ, which uses a telematics system, and an intelligent control function, and a concept form of collision warning and avoidance system. A Doosan Bobcat official said, "We will expand our new product lineups and actively target the global market with industry-leading innovation."



On booth, Doosan Bobcat placed banners and aired a promotional video to support a successful attraction of the Busan Expo.

2023-03-14

Doosan Bobcat reports all-time high revenue and operating profit

Doosan Bobcat announced on the 8th that it recorded annual sales of KRW 8.6219 trillion (USD 6.674 billion) and operating profit of KRW 1.072 trillion (USD 829 million) based on consolidated financial statements last year. Increased by 48.2% and 80%, respectively (31% and 60% in dollar terms, respectively) from sales of KRW 5,816.2 billion (USD 5.082 billion) and operating profit of KRW 595.3 billion (USD 520 million) in 2021, the previous record high. Annual operating profit margin was 12.4%, up 2.2%p from the previous year.
Doosan Bobcat cited solid demand, steep growth of grounds maintenance equipment (GME), and full-year recognition of Doosan Industrial Vehicle which was acquired in July 2021 as the background for last year’s high performance.
In particular, the Doosan Bobcat business (excluding industrial vehicles) posted record sales last year, based on strong demand from major markets, with compact equipment and portable power grew by 20% and 24%, respectively, compared to the previous year (in dollar terms). Especially, GME grew by 51% in North America YoY and continued to grow at an average annual growth rate of 56% since 2019, when it first launched a compact tractor.
Industrial vehicle also had the best year since its foundation, reporting record revenue of 1.4 trillion won thanks to strong sales in the North American market, including increased volume of fleets to large rental companies. By region, the growth rate was 36% in North America, 13% in EMEA (Europe, Middle East, Africa), and 37% in ALAO (Asia, Latin America, Oceania).
In the fourth quarter of last year, sales increased by 35.3% to KRW 2,383.9 billion, and operating profit increased by 62.5% to KRW 250.8 billion. (Sales of USD 1,757 million, +17.4% YoY, and operating profit of 183 million, +40.2% YoY)
On this day, Doosan Bobcat presented sales of KRW 9,226.7 billion (USD 6.937 billion) and operating profit of KRW 897.6 billion (USD 675 million) as a guidance for 2023.
Meanwhile, Doosan Bobcat held a board meeting on the same day and decided to pay a final cash dividend of 750 won per common share. With the interim dividend of 600 won, the total annual dividend for the fiscal year of 2022 results in 1,350 won.

2023-02-08