Hyundai said it plans to foster India as a global production and export hub in the wake of the Indian subsidiary's listing on the local stock market.
In an interview with local and Korean reporters after the listing of the Indian subsidiary on the 22nd, Hyundai Motor President Jang Jae-hoon said, "The Indian market is an important market with an annual growth of 5%," and aims to strengthen research and development capabilities and expand exports to the Middle East.
The listing is the first local listing of Hyundai Motor's overseas subsidiary and a decision that reflects investors' positive reaction to the Indian market, it said.
"Based on the positive reviews of India's young population and foreign investors, we decided that this was the right time for the IPO," said Kim Un-soo, India's chief legal officer.
Tarun Garg India unit COO said it plans to expand its Pune plant's production capacity to 1.1 million units by 2028, increasing exports as well as domestic demand.
It also emphasized that it will launch more EV models in the Indian market and continue to localize batteries.
Hyundai Motor, which entered India in 1996, has set a goal of becoming a "top tier" in the world's third-largest local automobile market with 1.4 billion people by taking its solid growth to the next level.
In addition, the plan is to establish a production system of 1 million units to secure future growth engines and solidify its position as a major global automaker.
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