Hyundai Motor India Ltd Takes Major Leap into the EV Market
Particularly in the electric vehicle (EV) sector, Hyundai Motor India Ltd is preparing to make significant strides in India. The company recently held the largest Initial Public Offering (IPO) in the country’s history, signalling strong support for its operations and plans for growth.
In response to the country’s push for local manufacturing, the company aims to expand its production beyond cars and SUVs to include essential components like battery systems, battery cells, and drive systems. The company will also focus on developing EV charging infrastructure to support its expanding production.
Euisun Chung, Executive Chair, Hyundai Motor Group, highlighted the company’s long-term vision for India, noting the company’s continuous investment in the country, the expansion of research and development capabilities, and the creation of over 250,000 jobs.
Chung mentioned that the company has prioritized Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) practices, often taking the lead initiatives compared to other firms. He also assured the company would maintain high governance standards while focusing on localization and collaborative efforts.
Having operated in India since 1996, the company’s latest initiatives mark a new chapter as it aims to establish a strong foothold in the growing EV market. Industry experts believe that the company’s success could pave the way for other automakers to enter India, encouraging healthy competition and potentially reducing prices for consumers.
Image Source: Hyundai Motor