Deals to watch: Peru's K2 and K808 implementing contract stalls over a $1.5 billion advance payment

Hyundai Rotem and the Peruvian Army signed a framework agreement in December 2025 for 54 K2 tanks and 141 K808 wheeled armored vehicles, but the implementing contracts worth more than KRW 2 trillion remain unsigned. Three trial K2s arrived at Callao on July 6, 2026 and were shown at the FAME plant in Lurigancho around September 11, but Peru's Ministry of Defence suspended signing because it lacked funds for a roughly $1.5 billion advance payment, and the July change of government has slowed the process. Seoul is pressing Lima to accelerate signing, with delivery still nominally planned for early 2027. Next milestone: implementing contract signature, date unknown.