Hyundai Motor Group Executive Chair Euisun Chung Meets with Indian PM Narendra Modi, Discusses EV Ecosystem, Innovation and Investment Plans
Rhea-AI Summary
Hyundai Motor Group Executive Chair Euisun Chung met with Indian Prime Minister Narendra Modi to discuss cooperation and development of the Indian mobility industry. The meeting focused on Hyundai's plans to strengthen its role in India's growing mobility market, including:
1. Expanding local production
2. Offering a diverse product lineup
3. Accelerating the creation of an electrification ecosystem
4. Localizing production of key EV components
5. Expanding the EV charging station network
Chung highlighted Hyundai's significant impact on the Indian economy and its commitment to the 'Make in India' initiative. He also invited PM Modi to the opening of HMIL's new plant in Pune, Maharashtra. Hyundai aims to establish itself as India's most trusted mobility company and continue its 26-year success in the country.
Positive
- Hyundai plans to expand local production in India
- The company is accelerating the creation of an electrification ecosystem in India
- Hyundai is localizing production of key EV components
- The company is expanding its EV charging station network in India
- Hyundai is investing in a new plant in Pune, Maharashtra
Negative
- None.
News Market Reaction
On the day this news was published, HYMTF gained 1.11%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Hyundai Motor Group Executive Chair Euisun Chung met with India's Prime Minister to discuss cooperation and the development of the Indian mobility industry
- Operating in India since 1996, the Group aims to strengthen its role in the growing mobility market, expanding local production and offering a diverse product lineup
- Executive Chair Chung highlighted the Group's significant impact on the Indian economy and its commitment to the 'Make in India' initiative
- The Group is accelerating the creation of an electrification ecosystem in India, localizing production of key EV components and expanding the EV charging station network
DELHI, India and SEOUL, South Korea, Oct. 22, 2024 /PRNewswire/ -- Hyundai Motor Group (the Group) Executive Chair Euisun Chung met with the Honorable Prime Minister of India, Shri. Narendra Modi. The two engaged in wide-ranging discussions on the future of mobility, with Executive Chair Chung underscoring the Group's priority of working closely with India thanks to the country's diverse market conditions and reformist approach.
Executive Chair Chung was in India to review the Group's mid- to long-term strategy and attended the Hyundai Motor India Limited (HMIL) Stock Exchange Listing Ceremony on October 22, 2024.
Held at the Honorable Prime Minister's office in Delhi, the meeting was also attended by Mr. Tarun Garg, COO - HMIL. They discussed the development of the Indian mobility industry and potential cooperation between India and Hyundai Motor Group.
Executive Chair Chung invited the Honorable Prime Minister to the opening of HMIL's plant in Pune, Maharashtra. Investment in this factory will be game-changing for HMIL, supported by the Government of India and Government of Maharashtra.
HMIL will continue to play a key role in the "Make in India" initiative, and as India marches toward its 'Viksit Bharat 2047' vision – a strategy for the country's development by the year 2047, coinciding with the 100th anniversary of India's independence – Hyundai will stand as a trusted partner on this meaningful journey.
Since entering the Indian market in 1996, Hyundai Motor Group has become one of the top mobility companies in the country, offering innovative products and making significant social contributions.
Executive Chair Chung expressed his respect for India's heritage and culture during the meeting. He said, "India's rich history and culture continue to inspire people worldwide. As India and Korea deepen economic collaboration, we can learn much from each other's cultures and strengthen the foundations of our cooperation."
He also thanked the Indian government for its continuing support of Hyundai Motor Group, discussed the significance of Hyundai Motor India's IPO, and outlined plans to build on the Group's success so far by establishing Hyundai Motor as India's most trusted mobility company.
"Hyundai Motor has successfully operated in India for over 26 years, becoming the second largest automobile manufacturer thanks to the Indian government's interest and the Indian people's support," said Executive Chair Chung, adding, "Now is the right time to further establish Hyundai as a 'Home Brand' and the 'Most Trusted Brand' in India."
Executive Chair Chung expressed his support for the adoption and growth of EVs in India, stating "We will continue our cooperation with the Indian government to establish an EV ecosystem through the release of EV models, construction of EV-charging networks, and localization of parts."
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