New Delhi:Hyundai Motor Group's chief visited India recently and laid out a vision to bolster its operations there to utilise the country as a key export hub for the South Korean automaker. The news surfaced on Thursday when the chief officially declared the plan.
He further stated that over the past year, Hyundai Motor Group has announced new investment plans in the country with approximately 5 trillion won (USD 3.75 billion), which reflects the group's intent to target one of the fastest-growing majors in the automotive markets in the world.
Euisun Chung, Hyundai Motor Group's executive chair, visited the group's Indian headquarters in Gurugram, Haryana on Tuesday and discussed medium- to long-term strategies for the Indian market with employees.
He also held a town hall with some 400 employees and shared his future visions. It marked the first time Chung held a town hall with employees overseas, reports Yonhap news agency.
At the meeting, Chung shared his vision to nurture India as the group's global export hub for Hyundai as it expands its business to Africa, Asia and the Middle East.
He further highlighted employees' dedication, customer trust and technological expertise as the key growth factors of the country, while expressing pride in the group which consistently achieved the second position in the Indian market share.
Regarding Hyundai's electric vehicle (EV) business direction, Chung said Hyundai will "play an active role in electrification through specialised EV development for the Indian market" and envisioned the group leading India's clean mobility sector by the time EV adoption becomes mainstream by 2030.
Hyundai Motor has long established India as one of its largest global production bases.
The company established its first Indian manufacturing plant in 1998 and a second one in 2008.
Hyundai Motor Group has recently finalized a significant agreement, by signing a 174-megawatt power purchase agreement (PPA) with a solar energy project which is led by Matrix Renewables, a company based in Spain. The new collaboration is focused on supplying renewable energy to Hyundai's upcoming electric vehicle (EV) manufacturing facility in the United States.