India is Hyundai’s land of opportunity

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India is Hyundai’s land of opportunity


Hyundai Motor Vice Chairman Chung Eui-sun makes a keynote speech at the Move Global Mobility Summit in New Delhi on Friday. [HYUNDAI MOTOR]

Hyundai Motor is still working hard to woo Indian consumers as the world’s second-most populous country emerges as one of the fastest growing markets in the global auto industry.

Hyundai Motor Vice Chairman Chung Eui-sun made a speech at the first Move Global Mobility Summit on Thursday, presenting the automaker’s plan to pursue future mobility and its dedication to the Indian market.

The summit is a two-day state-run event taking place in New Delhi under the theme “Shared, Connected and Zero Emissions Mobility.” More than 1,200 attendees, including the CEOs of auto giants and start-ups, will participate in discussions centering on future mobility.

“Hyundai Motor will actively pursue to become a smart mobility solution provider from a manufacturer,” Chung said in his speech.

“I am certain that innovation in mobility will improve not only people’s lives but also improve environment and energy issues at the same time. It will also act as a means to connect the urban with the suburban and a person with another person,” he added.

Chung also unveiled plans to launch a total of four eco-friendly vehicles in India in the near future, three of which will be electric models and the fourth a hydrogen-powered Nexo.

Hyundai Motor, the world’s fifth-largest automaker, has seen huge potential in India’s auto market for some time.

India is currently the world’s fourth-largest auto market, posting a year-on-year sales growth rate of 9.5 percent according to 2017 market data.

Hyundai Motor established its Indian office in 1996 and has been using the regional office as an export hub, sending cars made there to more than 90 countries.

Hyundai Motor is currently the No. 2 player in India. It sold some 320,000 units this year as of July, posting a year-on-year growth rate of 7.5 percent. The i20 hatchback and small SUV Creta are the most popular models.

Most recently, the automaker has made a hefty investment in local car-sharing start-up Revv.

Hyundai’s smaller affiliate Kia Motors belatedly entered the Indian market in 2017 by starting the construction of a local factory with a $1.3 billion investment. It will start sales of its models from next year.

At the forum, Hyundai Motor summed up its strategies in pursuing future mobility with three keywords - clean mobility, freedom in mobility and connected mobility.

“India has been taking significant steps toward the future it has long dreamt of,” Chung said. “[The country] will play a leading role not only in the manufacturing industry but also in ICT in the face of the fourth industrial revolution as well,” he added.

According to Hyundai Motor, Chung attended a tea meeting with Indian Prime Minister Narendra Modi and 50 other global companies CEOs after making the speech on Thursday.

The CEOs of Maruti Suzuki, Mahindra & Mahindra, Tata, Toyota, Ford, Mercedes-Benz, Uber and SoftBank all attended the summit.

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