Hyundai Motor Group Executive chair Euisun Chung was there at the listing ceremony and said that this IPO of its Indian arm increases the commitment to the Indian market. He also said that the IPO shows that HMIL is a key part of India. The carmaker which makes popular models like the Creta and Venue will aim to increase its electrification journey with several offerings.
The carmaker plans to launch nearly four EVs starting with the Creta EV by the next quarter. The aim would be to bolster its investment, localisation of EVs and also to increase its R&D across the country. With over 12 million sales in both domestic and international, Hyundai India started its journey with the Santro hatchback while launching as many as 38 cars in the Indian market. The Hyundai IPO is the largest IPO ever with being valued at Rs 27,870 crore.
The carmaker will embark on increasing its EV portfolio including greater localisation with local manufacturing of the batteries with an Indian partner and localising production of EVs. With its new plant along with its existing Tamil Nadu plant, production capacity would be increased.
The Hyundai India journey started with the Santro whose production started way back in 1996 while the carmaker presently has the leadership position in the 4-m plus segment with Creta but looking at the EV space, it plans to enter the competitive end soon as until now the carmaker has been present via the premium Ioniq 5.
In the future we can expect newer models and localisation of its EV specific platform yielding affordable electric cars. As mentioned earlier, the next product would be the Creta EV where the Creta range would enter into the electric compact SUV space while it could further look at more volume focussed EVs.
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