India’s second largest car maker Hyundai Motor India's (HMI) debut on the National Stock Exchange marks an important milestone for the South Korean manufacturer as it primes for its next phase of growth in the Indian market, Jaehoon Chang, President & CEO, Hyundai Motor Corporation (HMC) said during the listing ceremony on Tuesday.
"For 28 years, HMIL has been India’s most trusted auto brand. Now, through the IPO, we aim to become a truly local champion in India. The IPO is key to this ambition. Our business model is built for sustainable growth in both volume and profitability," Jaehoon Chang said.
The parent company HMC will play a crucial role in HMIL’s long-term growth through our collaboration in R&D, design, manufacturing, and more, Chang added. "HMIL will benefit from HMC’s advanced business platform, accessing cutting-edge technology for the global market. In R&D, Hyundai Motor India Engineering in Hyderabad will continue working with Hyundai Motor Group’s Namyang R&D Center, advancing our innovation capabilities globally," he said.
According to Chang, when it comes to electrification, the company will launch advanced EV models, localize EV supply chains and invest in EV infrastructure across India. "We are committed to implementing the best global business practices and governance standards, and increasing long-term shareholder value," he said.
He added that the company will continue to be a game changer, offering smart, sustainable mobility solutions that empower the dreams and aspirations of Indians.
Hyundai Motor India has announced an investment of Rs 3,30,000 crore by FY32. The company has lined launch of four main stream EVs starting with Creta EV in January 2025. With the acqusition of Talegaon plant from GM India - Hyundai Motor India will have a cumulative capacity of 1.1 million units.