Jung Eui-sun: "Reinvesting in Strategic Model Development and R&D in the Indian Market"

Hyundai Motor Company Listed on Indian Stock Market

"We see the Indian market as having limitless potential. Therefore, it is important to get closer to consumers here by producing and selling better products through an Initial Public Offering (IPO) and to be a significant part of the Indian market. We also have a sense of mission to advance as a company that meets international standards through the IPO."

Jung Eui-sun, Chairman of Hyundai Motor Group, expressed these thoughts on the 22nd (local time) after the listing ceremony of Hyundai Motor India on the Indian stock market. Earlier, at the IPO ceremony, he rang the bell himself and repeatedly emphasized that it is a local company.

He said, "Since Hyundai Motor India entered the market, it has become a part of India," adding, "We knew that India is the future, so we continuously increased investments, expanded research and development capabilities, and created more than 250,000 jobs." He continued, "Going forward, Hyundai Motor India will consistently adopt the highest standards of corporate governance and make prudent and transparent timely decisions through the board of directors."

Just as Maruti Suzuki, which started as an Indian state-owned automobile company and partnered with Japan's Suzuki, was recognized as a local company, Hyundai has also devised a strategy to approach the market with an active localization strategy. The fact that Hyundai has been engaged in social contribution activities for customers, employees, partners, the environment, and local communities in India for nearly 30 years since entering India in 1996 also reflects this background.

Chairman Jung said, "Since there are many people in difficult circumstances in India, those people should benefit from mobility rights and other advantages," adding, "I believe it is the mission of companies, including Hyundai Motor Group, to provide opportunities and experiences to many people, including low-income groups, so they can grow into talented individuals." President Jang Jae-hoon of Hyundai Motor also said, "We heard various opinions regarding the growth of India's capital market and Hyundai's strategic position in India," adding, "We believe this will have a positive impact not only on the local capital market but also on the evaluation of the Korean parent company (Hyundai Motor)."

Jang Jae-hoon, President of Hyundai Motor Company; Chung Eui-sun, Chairman of Hyundai Motor Group; and Ashish Chauhan, Chief Operating Officer of the India Stock Exchange (from left), are ringing the bell to commemorate the listing at the India Stock Exchange in Mumbai, India, on the 22nd (local time).
[Photo by Hyundai Motor Group]

The focus on India is because of its high growth potential. It is the third-largest single country in terms of new car sales after China and the United States. As the world's most populous country, the annual passenger car sales volume, currently at 4.1 million units, is expected to exceed 5 million units by 2030, according to industry forecasts. President Jang said, "India is important, so we plan to strengthen production and research and development (R&D) capabilities," adding, "Hyundai alone has established a production pattern of over 1 million units, and we will expand local research facilities to more than double their current size."

Kim Eon-su, Vice President of Hyundai Motor India and the Asia-Middle East-Africa region, said, "India has the largest young population in the world, and the local government is providing strong incentives and driving manufacturing," adding, "From a geopolitical perspective, India is recognized as a good investment destination for foreign investors."

They plan to develop strategic vehicle models suitable for the local market and strengthen research and development related to various advanced technologies and new businesses. Regarding investment plans, Chairman Jung said, "There will be reinvestment in India," adding, "We expect to invest heavily in advanced technologies and software, including electric vehicles, hydrogen fuel cell vehicles, connectivity, and mobility services."