# Who are Hyundai Rotem Company's customers? Who does Hyundai Rotem Company earn revenue from?
Canonical: https://valuechain.wiki/hyundai-rotem-company · Facet: customers · Updated: 2026-10-10T16:08:11.478+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Hyundai Rotem Company discloses no named confirmed revenue counterparties; 6 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 6 revenue edges, backed by 8 dated sources, 4 of them primary filings (as of 2026-10-10).

### 국내외 철도 운영사·발주처 (고속철·전동차) (high)
- metric: contract 391,446,000,000원 · 에드먼턴 경전철(2026.7) · DART supply-contract filing
- note: Rail Solutions: Canada's Edmonton high-floor LRT at KRW 391.4bn (8.9% of revenue), Sinansan Line rolling stock at KRW 235.3bn (POSCO E&C), SR high-speed EMU-320, GTX-B/C PPP, and the Daejang-Hongdae metro.
- [confirms] FSS DART (KO, filing, published 2026-07-03) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260703800009: "Contract 'Edmonton high-floor LRT supply', KRW 391.4bn, 8.9% of revenue."
- [confirms] FSS DART (KO, filing, published 2026-01-30) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260130801210: "Sinansan Line rolling stock KRW 235.3bn (counterparty POSCO E&C)."

### 폴란드 군비청 (K2 전차) (high)
- metric: Count 210대 (EC3) · 2026~2034
- note: K2 tanks for Poland: the third execution contract (210 units - 120 Korean-built, 90 local) targeted within the year, running 2026-2034; Iraq (250 units, ~KRW 9tn) and Peru (54 K2s plus 141 wheeled APCs) in parallel talks.
- [confirms] Financial News (KO, news, published 2026-07-09) https://www.fnnews.com/news/202607091020398407: "Polish EC3 for 210 K2s (120 Korean, 90 local), 2026-2034; Iraq weighing 250 units (~KRW 9tn)."

### 폴란드 군비청 (K2 전차 수출) (high)
- metric: Count 210대 (EC3 추진) · 2026~2034
- note: K2 tank exports to Poland: the first contract (180 units) is in delivery and a second execution contract is underway; a third (EC3) of 210 units (120 Korean-built, 90 local) is targeted for 2026-2034. The annual report lists the Poland K2 supply and its second execution contract.
- [confirms] Hyundai Rotem (EN, ir, published 2026-07-24) https://www.hyundai-rotem.co.kr/upload/2026/7/20260724015151039021.pdf: "Defense Solutions generated KRW 1.7385tn in first-half 2026 revenue, 56.8% of company revenue of KRW 3.0635tn."
- [confirms] Financial News (KO, news, published 2026-07-09) https://www.fnnews.com/news/202607091020398407: "Polish EC3 for 210 K2s (120 Korean, 90 local), 2026-2034."
- [mentions] Samsung Securities (KO, research, published 2026-04-13) https://stock.pstatic.net/stock-research/company/78/20260416_company_342000000.pdf: "Samsung Securities estimated 2026 revenue of KRW 7.065tn and operating profit of KRW 1.293tn, and judged Polish K2 deliveries unlikely to decline in 2026."
- [confirms] Defense News (EN, news, published 2026-04-01) https://www.defensenews.com/global/europe/2025/poland-hyundai-rotem-k2-tank: "Poland expands its K2 tank procurement from Hyundai Rotem, with local production."
- [confirms] FSS DART (KO, filing, published 2026-03-19) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319001275: "Annual report lists the Poland K2 supply project and its second execution contract."

### 현대차 (high)  → /hyundai-motor-company.md
- metric: Market share 33.8% · 2025 year-end · Hyundai Rotem 2025 shareholder status
- note: Hyundai Motor is Hyundai Rotem's largest shareholder with 36,856,636 common shares, or 33.8%, creating a long-term capital link to its defense and rail investment cycle.
- [confirms] Hyundai Rotem (KO, ir, published 2025-12-31) https://www.hyundai-rotem.co.kr/ko/invest/stock/content.do: "2025 shareholder status: Hyundai Motor holds 36,856,636 common shares, a 33.8% stake."
- [confirms] Hyundai Rotem (EN, ir, published 2025-02-14) https://www.hyundai-rotem.co.kr/upload/2025/2/20250214030004032368.pdf: "As of the end of December 2023, Hyundai Rotem's largest shareholder is Hyundai Motor Company, holding 33.77% of total shares."

### 방위사업청 (K1/K2 창정비·PBL·장갑차) (high)
- note: DAPA is the top domestic ground-weapons customer: K1/K1A1 overhaul, K2 overhaul development, K1-series performance-based logistics, and 30mm wheeled AA gun and wheeled APC production. A 2026 K-1 recovery/bridge-tank maintenance contract.
- [confirms] FSS DART (KO, filing, published 2026-06-25) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260625800570: "Contract 'K-1 recovery and bridge-tank maintenance', counterparty DAPA."
- [confirms] FSS DART (KO, filing, published 2026-03-19) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319001275: "K1/K1A1 overhaul, K2 overhaul development, PBL, wheeled AA gun and APC production."

### 국내외 철도 운영사 (레일솔루션) (mid)
- note: Rolling stock (metro, high-speed) runs alongside defense as the second pillar.
- [mentions] Financial News (KO, news, published 2026-07-09) https://www.fnnews.com/news/202607091020398407: "Rail business alongside the defense export rally."

### 페루 (K2 전차·차륜형장갑차) (mid)
- note: A framework agreement with Peru for K2 tanks and wheeled APCs, plus preferred-bidder status on the wheeled-APC program - a Latin America export beachhead.
- [confirms] FSS DART (KO, filing, published 2026-03-19) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319001275: "Framework agreement with Peru for K2 and wheeled APCs; preferred bidder on the APC program."

Reverse side: https://valuechain.wiki/hyundai-rotem-company/suppliers.md · Ripple: https://valuechain.wiki/hyundai-rotem-company/ripple.md

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Full node: https://valuechain.wiki/hyundai-rotem-company.md · JSON: https://valuechain.wiki/hyundai-rotem-company.json