Page 2 - Hyundai Motors

Expect rural sales contribution at record levels in FY25: Hyundai official

Hyundai Motor India expects sales contribution from rural areas to remain at record levels in the current fiscal as well on account of various factors including anticipation of a favourable monsoon, according to a senior company executive. The country's second-largest automaker, which sells models like Creta and Venue, reported 11 per cent growth in rural areas last fiscal as compared to 4 per cent in urban centres. "We are confident that the contribution from rural markets to our total sales will grow further to around 20 per cent this financial year," Hyundai Motor India COO Tarun Garg told PTI. The automaker plans to further expand its presence in smaller towns as it firmly believes that for the nation to prosper, both rural and urban regions must progress in tandem, he added. Garg noted that rural sales accounted for an all-time high of 19 per cent of the company's total sales in FY23. Hyundai Motor India registered its highest ever total sales of 7,77 876 units in 2023-24 wit

Hyundai, Kia partner with Exide Energy for EV battery localisation in India

South Korean auto majors Hyundai Motor Company and Kia Corporation on Monday announced a partnership with homegrown battery maker Exide Energy Solutions Ltd for electric vehicle battery localisation in India. Hyundai Motor Company and group firm Kia Corporation have signed a Memorandum of Understanding (MOU) with Exide Energy Solutions Ltd, a leading Indian battery company, as part of their electric vehicle (EV) expansion plans, Hyundai Motor Group said in a statement. Hyundai Motor and Kia aim to localise their EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells in line with the expansion of their EV plans for the Indian market, it added. "This strategic move will position them as the pioneers in applying domestically produced batteries in their upcoming EV models in the Indian market," the statement said. India is a key market for vehicle electrification due in part to the government's carbon neutrality goals, which makes securing cost competitivene

Electric vehicle industry continues to lose charge on localisation woes

Poses a hurdle as cells, which account for half the EV price, continue to be imported

South Korea's Hyundai Motor Group to invest $51 bn won over 3 years

Hyundai Motor Group includes flagship Hyundai Motor and its affiliate Kia, which together are the world's number three automaker by sales

With artificial intelligence at the wheel, Hyundai's TN unit shifts gear

The plant, one of the first units by any industrial player in Sriperumbudur is set to see an investment of Rs 26,000 crore, as it enters into 26th year of its operation

Creta Price in India: Expert Insights into Cost vs. Value

India has rough street conditions where each new turn introduces a new challenge for drivers. Amidst the hindrances and potholes, the Hyundai Creta stands tall as a fan-favourite model.

Hyundai Motor picks JPMorgan, Citi to accelerate $3 billion IPO: Report

The company plans to file regulatory papers in India by May to June for an approval, said two of the three sources, all of whom declined to be named as the talks are private

Hyundai Motor wholesales increase 8.5% in January at 67,615 units

Hyundai Motor India on Thursday said its wholesales rose by 8.5 per cent to 67,615 units in January. The automaker had dispatched 62,276 units in the same month last year. Domestic sales saw an increase of 14 per cent to 57,115 units last month from 50,106 units in the year-ago period. Exports, however, declined by 14 per cent to 10,500 units in January as against 12,170 units in 2023. This strong growth has been fuelled by an overwhelming customer response to the newly launched Hyundai Creta, which has already garnered close to 50,000 bookings within a month opening, Hyundai Motor India COO Tarun Garg said in a statement. Further, the entry SUV exter continues its amazing run in the market clocking great sales numbers as well, he added. "Going forward, we continue to be cautiously optimistic about the momentum of the auto industry in 2024," Garg said.

Hyundai buys GM's Talegaon plant, will invest Rs 6,000 cr in Maharashtra

Plant will be 'catalyst' in achieving Hyundai India's target of achieving one million annual production capacity, says company

Hyundai completes Talegaon plant acquisition, to invest Rs 6,000 cr in Maha

Hyundai Motor India on Friday said it has completed the acquisition of General Motors India's manufacturing plant at Talegaon in Maharashtra. The country's second-largest carmaker also announced that it will invest Rs 6,000 crore in Maharashtra as part of an agreement inked between the company and the state government in Davos. The acquisition of the Talegaon facility has been completed after the fulfilment of certain conditions and the receipt of regulatory approvals from relevant government authorities and relevant stakeholders, Hyundai Motor India said in a statement. "India is a very important market for Hyundai Motor Company, and we are committed to provide benchmark creating products and technologies to Indian customers," Hyundai Motor India Ltd (HMIL) MD & CEO Un Soo Kim said. As the company looks forward to the next decade of progress, it is critical to augment manufacturing capacity in India, he added. "The Talegaon manufacturing plant will play the role of a catalyst in

Rising interest rates threaten India's credit growth, pressure margins

While Samsung Electronics Co. disappointed last week, the country's chip output and shipments grew the most in years in November, reviving optimism about the outlook

Hyundai expects SUVs to account for 65% of its total volumes in 2024

Hyundai Motor India expects sports utility vehicle sales to account for 65 per cent of its overall volumes in 2024, the company's COO Tarun Garg said. The company, which currently gets around 60 per cent of its overall volumes from SUV sales, plans to invest Rs 7,000 crore on its second plant at Talegaon, according to Maharashtra Deputy Chief Minister Devendra Fadnavis. The company officials declined to comment. On Tuesday, the company strengthened its SUV portfolio with the introduction of the new version of its mid-sized sports utility vehicle Creta priced between Rs 10.99 lakh and Rs 19.99 lakh (ex-showroom). The company also plans to commence production at the newly acquired manufacturing plant at Talegaon plant in Maharashtra next year, Hyundai Motor India COO Tarun Garg said.

Hyundai Motor debuts air taxi ahead of test flights later this year

The South Korean company will apply for certification of the vehicle in the US by the middle of 2024 with the goal of starting technology demonstrator flights by the end of the year

Hyundai announces Rs 6,180 cr investments at TN Global Investors Meet

Hyundai Motor India Ltd on Monday said it will invest Rs 6,180 crore on various initiatives, including establishing a hydrogen resource centre, in Tamil Nadu. The fresh investment by the automaker is in addition to the Rs 20,000 crore it plans to deploy over a period of ten years (2023- 2032) to augment its efforts in electric vehicle manufacturing, charging infrastructure and skill development. The company inked an MoU with the state government regarding the new investment during the Tamil Nadu Global Investors Meet 2024. "This substantial investment of Rs 6,180 crore is a testament to our enduring commitment to fortifying the state's pursuit to boost the socio-economic development in the state and make the country self-reliant," Hyundai Motor India MD & CEO Unsoo Kim said in a statement. This collaboration with the state government goes beyond mere investment; it is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors the company's commitment to ...

Hyundai Motor India total sales grew 9%, reached 765,786 units in 2023

Hyundai Motor India Ltd on Monday reported a 9 per cent year-on-year increase in total sales at 7,65,786 units in 2023, on the back of record annual domestic sales. The company had sold a total of 7,00,811 units in 2022, Hyundai Motor India Ltd (HMIL) said in a statement. The company achieved its highest-ever domestic sales in a calendar year, crossing the six lakh sales milestone in 2023 as it sold 6,02,111 units, up 9 per cent over previous year's 5,52,511 units, it added. Exports grew by 10 per cent to 1,63,675 units in 2023 as compared to 1,48,300 units in 2022, it added. HMIL COO Tarun Garg said the company has not just kept pace but surpassed the estimated industry growth of around 8.2 per cent. "Also in 2023, we proactively expanded our annual production capacity by 50,000 units to meet the increasing demand from our customers," he added.

OEM, dealers to play Santa during year-end for EV passenger vehicles

Carmakers, dealers offering discounts up to Rs 4 lakh

Hyundai, Ducati latest automakers to increase vehicle prices from January 1

Automaker Hyundai Motor India Ltd on Thursday said it will hike the prices of its vehicles from next month citing rising input cost, adverse exchange rate and increase in commodity prices. The company, which sells a range of vehicles starting from Grand i10 Nios to electric SUV IONIQ5, priced between Rs 5.84 lakh to Rs 45.95 lakh, however, did not specify the quantum of the proposed price increase to be effective from January 1, 2024. The price increase is owing to rising input cost, adverse exchange rate and increase in commodity prices, amongst other reasons, Hyundai Motor India Ltd (HMIL), said in a statement. HMIL COO Tarun Garg, COO said the company always tries to absorb the cost escalations to the extent possible and ensure customers are not burdened. "However, it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase," he added. HMIL said it will continue to make consistent internal efforts to minimize future

Cyclone Michaung: Life halts as Chennai sees worst rainfall in decades

Cyclone Michaung takes its toll: 5 dead; road, air, rail traffic affected; Foxconn, Pegatron, Hyundai ops hit

Hyundai Motor sets sight on domestic sales of 600,000 units in CY2023

HMIL also reiterated its plans to invest around Rs 20,000 crore strategically towards building an electric vehicle (EV) ecosystem in India

Car sales to cross 4 mn mark this year on strong demand despite price hikes

Carmakers are expecting sales of 4.10 to 4.17 mn cars this calendar year. This is 8-10% more than the sales registered in 2022, despite the high base of last year