Hyundai Motor Group Executive Chair Euisun Chung Visits India to Underline Mid- to Long-term Mobility Strategic Commitments

Rhea-AI Summary

Hyundai Motor Group Executive Chair Euisun Chung visited India to solidify the Group's position as a leading mobility provider in India and establish mid- to long-term strategies. The Group plans to produce 1.5 million units annually by 2025 through Hyundai Motor India and Kia India combined, focusing on electrification, expanding EV lineups, and creating EV ecosystems. The visit emphasized customer-centric strategies, the strategic importance of India, and future growth plans. Hyundai Motor Group aims to continue seeking growth opportunities in India, leveraging its position in the fifth largest economy and top three automobile markets.

Positive

• Hyundai Motor Group plans to produce 1.5 million units annually in India by 2025 through Hyundai Motor India and Kia India combined.
• The Group focuses on electrification, expanding EV lineups, and creating EV ecosystems to strengthen its position in the Indian market.
• Executive Chair Chung emphasized customer-centric strategies, the strategic importance of India, and future growth plans during the visit.
• Hyundai Motor Group aims to continue seeking growth opportunities in India, leveraging its position in the fifth largest economy and top three automobile markets.

Negative

• None.

• Hyundai Motor Group to establish mid- to long-term strategies to solidify its position as a leading mobility provider in India

…   Hyundai Motor India to establish an annual production system of one million units by 2025; Combined with Kia India, Hyundai Motor Group to be able to annually produce 1.5 million units annually in India

…   Electrification strategy to strengthen leadership in the Indian EV market by expanding EV local production and lineups as well as creating EV ecosystems

• Executive Chair Chung also had a town hall meeting to share visions and strengthen trust with Hyundai Motor India employees

…   Approximately 400 local employees attended the site, while over 3,000 joined through a video connection across all Hyundai Motor sites in India

…   Executive Chair highlighted the Group's customer-centric philosophy, strategic importance of India as well as electrification strategies and future directions

• Hyundai Motor Group to continue seek future growth strategies in India, which has emerged as the world's fifth largest economy and top three automobile markets

SEOUL, South Korea and GURUGRAM, India, April 25, 2024 /PRNewswire/ -- Hyundai Motor Group (the Group or HMG) Executive Chair Euisun Chung visited India to review the Group's mid- to long-term future mobility strategies, which lay the foundation for its leadership in the Indian market and sustainable growth. The first overseas town hall meeting with the Executive Chair was also held with Hyundai Motor India employees.

Amid the growing strategic importance of India, Executive Chair Chung's visit to the country is aimed at solidifying the Group's position as a leading mobility provider in India, while exploring various business opportunities in the rapidly evolving Indian market. The Group is also committed to fulfilling its social responsibilities through culturally attuned CSR and ESG activities, in addition to positioning itself as an attractive company for Indian customers.

Celebrating its 30^th anniversary in 2026, Hyundai Motor India is developing its 2030 strategy under the slogan 'Innovator in Mobility and Beyond'. Kia India, which has also quickly grown into a major Indian automobile brand, is also promoting quantitative and qualitative growth through its 'Kia 2.0' strategy.

Hyundai Motor Group is delivering a major manufacturing advance in the Indian region with the establishment of an annual production system of 1.5 million vehicle units for Hyundai Motor India and Kia India combined. The Group will expand its EV lineup and create an EV ecosystem to accelerate customer uptake and expand charging infrastructure. It will also strengthen its SUV sales leadership and promote social responsibility activities in consideration of Indian culture.

Executive Chair Chung conducted an in-depth review of and engaged in detailed discussions on Hyundai Motor Group's mid- to long-term strategies in India at the new Hyundai Motor India Headquarter Delhi office, situated in Gurugram. A town hall meeting was also held on April 23 to communicate in person with Hyundai Motor India employees. The purpose of the meeting was to share the Group's vision and engage with colleagues ahead of new opportunities such as the establishment of an annual production system of one million units and promotion of the Group's electrification strategy.

Alongside Executive Chair Chung, key executives from Hyundai Motor – including Jaehoon Chang, the President and CEO of Hyundai Motor Company, and Unsoo Kim, Managing Director and CEO of Hyundai Motor India – participated, in addition to 400 Hyundai Motor India employees.

The event marked the first time that Executive Chair Chung held a town hall meeting outside of Korea. He has previously conducted two town hall meetings in Korea and last year led Hyundai Motor Group's New Year's event in the form of a town hall meeting.

About Hyundai Motor Group

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group's mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all. More information about Hyundai Motor Group, please see: www.hyundaimotorgroup.com

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SOURCE Hyundai Motor Group

FAQ

What is Hyundai Motor Group's plan for annual production in India by 2025?

Hyundai Motor Group plans to produce 1.5 million units annually in India by 2025 through Hyundai Motor India and Kia India combined.

What strategies is Hyundai Motor Group focusing on to strengthen its position in the Indian market?

Hyundai Motor Group is focusing on electrification, expanding EV lineups, and creating EV ecosystems to strengthen its position in the Indian market.

What did Executive Chair Chung emphasize during the visit to India?

Executive Chair Chung emphasized customer-centric strategies, the strategic importance of India, and future growth plans during the visit.

What opportunities is Hyundai Motor Group aiming to continue seeking in India?

Hyundai Motor Group aims to continue seeking growth opportunities in India, leveraging its position in the fifth largest economy and top three automobile markets.