Jang Jae-hoon, President of Hyundai Motor, "Targeting October IPO for India Subsidiary... Localized Strategy"

Q&A at the Busan Mobility Show on the 27th
Chairman Chung Eui-sun's Surprise Visit to the Mobility Show Site
Chairman Chung: "Domestic Market and Consumers Are Important... Came for Inspection"
Viewing Hyundai Motor Group's New Cars Including Casper EV

Jang Jae-hoon, President of Hyundai Motor Company, revealed plans to aim for an initial public offering (IPO) of Hyundai Motor India by October. He mentioned that this IPO is not only for securing funds but also part of a local-friendly strategy to be recognized as a national company in India.

On the 27th, President Jang met with reporters at the Busan Mobility Show held at BEXCO in Busan and said, "We have submitted a preliminary review application, and the goal is to prepare for listing by October." He added, "The India IPO is important not only for securing funds but also because it can establish Hyundai as the most national company in India. Considering the growth of the Indian market, it is very important. We view the Indian market as highly significant and intend to proceed in a locally friendly direction."

Regarding the impact of the India subsidiary IPO on Hyundai Motor's corporate value, he said, "We view it positively, and the market expectations seem to be the same," adding, "Considering the overall Indian IPO market currently, the atmosphere does not seem bad." The market expects Hyundai Motor India to raise up to $3 billion (approximately 4.16 trillion KRW), and if the IPO succeeds, it is expected to be the largest IPO in Indian history.

Hyundai Motor Group Chairman Chung Euisun is examining the Casper Electric at the Busan Mobility Show Press Day held on the afternoon of the 27th at BEXCO in Haeundae-gu, Busan.
[Photo by Yonhap News]

Additionally, President Jang expressed a steady commitment to the development and investment in electric vehicles despite the recent slowdown in electric vehicle demand. Hyundai plans to realize the era of electric vehicle popularization by unveiling the compact electric sports utility vehicle (SUV), Casper Electric, at this year's Busan Mobility Show.

He said, "Due to the chasm (a temporary demand slowdown phenomenon before widespread adoption by the general public after the initial market) in electric vehicles, we are responding with various scenarios in terms of battery supply," emphasizing, "The important part is that we ultimately have to move toward electric vehicles."

He continued, "Vehicles like the Casper Electric are very important in creating electric vehicle demand, and we have high expectations." The compact electric SUV Casper Electric, unveiled that day, has a single-charge driving range of 315 km and is priced in the 20 million KRW range, making it a strategic model to lead the era of electric vehicle popularization.

Finally, President Jang also mentioned the expansion of hydrogen mobility through the creation of a hydrogen ecosystem. He said, "Hydrogen must consider both mobility and energy aspects," adding, "Hyundai Motor Group is actively working to present a complete solution on the global stage that covers hydrogen production, distribution, and utilization."

He also referred to the eco-friendly hydrogen logistics solution being planned at Hyundai Motor Group Meta Plant America (HMGMA) in Georgia, USA. Hyundai Motor Group plans to establish a value chain system for parts and finished vehicle transportation using Xcient hydrogen fuel cell trucks at this plant.

Meanwhile, at the mobility show, Hyundai Motor Group Chairman Chung Eui-sun made a surprise visit and personally inspected the Casper Electric. When asked about the reason for visiting the Busan Mobility Show, Chairman Chung said, "I came to check because domestic consumers and the market are important."