Hyundai Motor Group Government Chair Chung Euisun, left, shakes arms with Indian Prime Minister Narendra Modi on the latter’s residence in Delhi, Monday (native time). Courtesy of Hyundai Motor Group
By Park Jae-hyuk
Hyundai Motor Group Government Chair Chung Euisun and Indian Prime Minister Narendra Modi mentioned the expansion of India’s mobility trade and the Korean firm’s cooperation throughout their assembly in Delhi on Monday.
Their assembly occurred at Modi’s residence a day earlier than the preliminary public providing of Hyundai Motor India Ltd. on the Indian inventory market.
In the course of the assembly, Chung famous that Hyundai Motor Group has been working efficiently in India for over 28 years and established itself because the second-largest automotive producer in India, with the help of the Indian authorities and the love of the Indian folks.
“Since our entry into India, Hyundai Motor has been posing a optimistic impression on the Indian economic system by way of the event of the automotive trade, job creation and elevated exports,” Chung mentioned. “We wish to be a trusted associate for India’s ‘Make in India’ initiative and the ‘Viksit Bharat (Developed India) 2047’ imaginative and prescient by way of steady funding and development.”
The automotive group mentioned that Chung invited Modi to the ceremony for the completion of Hyundai Motor’s third Indian plant in Pune, Maharashtra, which is scheduled for the second half of subsequent yr. The plant will start with the capability of 170,000 automobiles a yr, and Hyundai Motor seeks to extend it to 250,000 by 2028.
“The Pune plant will probably be a major hub for Hyundai Motor, and we wish to categorical our gratitude to the Indian authorities and the Maharashtra authorities for his or her unwavering help,” Chung mentioned.
Hyundai Motor made its entry into the Indian market in 1996. The group now has two Hyundai Motor crops in Chennai and a Kia manufacturing facility in Anantapur.
With the completion of the brand new plant, the group seeks to safe a capability of producing 1.5 million automobiles a yr.
At present, Hyundai Motor’s Chennai crops have elevated their manufacturing capability from 770,000 to 824,000 automobiles following the institution of a brand new portray line and extra tools investments final yr.
Kia’s Anantapur plant arrange a combined manufacturing line for inside combustion engine automobiles and electrical automobiles (EVs) throughout the first half of this yr and is ready to supply 431,000 automobiles yearly. As soon as the Pune plant is accomplished, the full manufacturing capability will attain 1.5 million automobiles.
Hyundai Motor Group mentioned that Chung promised Modi the continual launch of recent EVs in India, the institution of charging infrastructure there and the manufacturing of elements custom-made for native prospects.
Moreover, the chairman launched the corporate’s new companies associated to robotics, city air mobility, hydrogen and small modular reactors, in response to Hyundai Motor Group.
Chung and Modi have met a number of instances previously. They shared their opinions on the mobility industries of Korea and India throughout Modi’s go to to Seoul in 2015, the Korea-India Enterprise Summit in 2018, the MOVE Mobility Summit in India in 2018 and a 2019 luncheon at Cheong Wa Dae, Korea’s former presidential workplace.
