iNDICA NEWS BUREAU–
Hyundai Motor Group chief came to India recently and with a vision to bolster its operations and utilise the country as a key export hub, the group said on Thursday.
Over the past year, the South Korean automaker has announced new investment plans in India totalling approximately 5 trillion won ($3.75 billion), reflecting the group’s intent to better target one of the fastest growing major automotive markets in the world.
Euisun Chung, Hyundai Motor Group’s executive chair, visited the group’s Indian headquarters in Gurugram, Haryana on Tuesday and discussed medium- to long-term strategies for the Indian market with employees, the IANS reported.
He also held a town hall with some 400 employees and shared his vision for the future. It marked the first time for Chung to hold a town hall with employees overseas, Yonhap news agency reported.
Chung shared his vision to build India as the group’s global export hub as Hyundai expands its business to Asia, the Middle East, and Africa.
In his town hall address, Chung mentioned to employees that India will continue to play a bigger role in the future. On its part, Hyundai Motor will focus on EVs in the future, with a larger contribution from the local R&D centre in Hyderabad – which would lead to high localisation content.
Hyundai Motor has already entered a partnership with Exide Industries for the localisation of cells and batteries to create local value addition and aggressive prices. On the infrastructure front, the company plans to have its own network of 500 chargers by the end of 2030.
He also highlighted customer trust, employees’ dedication, and technological expertise as key growth factors in India, while expressing pride in the group consistently achieving the second position in the Indian market share.
Regarding Hyundai’s electric vehicle (EV) business direction, Chung said Hyundai will “play an active role in electrification through specialised EV development for the Indian market” and envisioned the group leading India’s clean mobility sector by the time EV adoption becomes mainstream by 2030.
Hyundai Motor has long established India as one of its largest global production bases. The company established its first Indian manufacturing plant in 1998 and a second one in 2008.
