Tag: Hyundai

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Hyundai IPO Off to a Quiet Start

The company plans to raise up to ₹27,870 crore, positioning it as the largest IPO in the Indian equity market since Life Insurance Corporation of India (LIC) raised ₹21,000 crore in 2022…reports Asian Lite News

The initial public offering (IPO) of Hyundai Motor India saw a lukewarm response from investors on Tuesday, with the issue subscribed 0.18 times or 18 per cent on Day 1 of the subscription. 

The company aims to raise up to Rs 27,870 crore, making it the largest-ever IPO of the Indian equity market history since 2022, when Life Insurance Corporation of India (LIC) raised Rs 21,000 crore.

It is open till October 17, and the IPO price band has been fixed at Rs 1,865- Rs 1,960 per share.

One lot of Hyundai Motor India’s IPO has seven shares. After the subscription window closes, the share allotment is expected to be finalised on October 18. The shares will be credited to demat accounts on October 21.

Hyundai Motor India shares are likely to debut on stock exchanges on October 22.

The maiden share sale will be a full offer for sale (OFS). It is the first offer from an automaker to list in India in over two decades and the entire proceeds will go to the promoter.

Hyundai Motor India raised approximately Rs 8,315 crore from anchor investors on Monday, ahead of its IPO. The company allotted 4.24 crore shares at Rs 1,960 apiece to 225 anchor investors, according to the company statement.

Hyundai Motor India held a 14.6 per cent market share in the domestic passenger vehicle (PV) market in Q1 FY25, second to Maruti Suzuki which has a 41 per cent share in this category. However, Hyundai Motor India is the market leader by volume in the mid-size SUV segment with around 38 per cent share as on June 2024. It is also India’s second-largest exporter of PV from April 2021 till June this year. In FY 2023-24, the company sold 7.77 lakh vehicles, of which 21 per cent was exported to countries like Africa, the Middle East, Europe and Latin America.

Hyundai Motor India has 1,366 sales points and 1,550 service outlets in India. The company’s revenue in the financial year (FY) 2023-24 was Rs 69,829 crore. During this period, the company made a profit of Rs 6,060 crore and the company’s margin was 13.1 per cent. India’s second-largest carmaker’s revenue in the first quarter of FY 2024-25 was Rs 17,344 crore. During this period, the company made a profit of Rs 1,489 crore and the margin was 13.5 per cent.

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Business Economy Motoring

Mixed June for Autos

Hyundai Motor India Limited (HMIL) experienced a marginal decline in sales for June 2024, with total sales of 64,803 units, comprising 50,103 domestic units and 14,700 units for export…reports Asian Lite News

India’s automotive sector experienced mixed fortunes in June 2024, with Maruti Suzuki and Mahindra & Mahindra (M&M) reporting growth, while Hyundai Motor India Limited (HMIL) saw a slight dip in their sales figures.

Maruti Suzuki reported a year-on-year sales increase for June 2024. The company sold 1,79,228 vehicles in June, up from 1,59,418 units in the same month of the previous year.

This translates to a growth rate of 12.4 per cent. The company’s total sales for the first quarter of FY 2024-25 (April to June) also saw a substantial rise, reaching 5,21,868 units compared to 4,98,030 units in the corresponding period of the previous fiscal year, marking a growth of 4.8 per cent.

Automobile major Mahindra & Mahindra.(photo:IANS/Twitter)

This continuous upward trajectory highlights Maruti Suzuki’s resilience and robust market presence.

Mahindra & Mahindra Ltd. (M&M), reported an 11 per cent increase in overall auto sales for June 2024, with total sales of 69,397 vehicles, including exports.

The company experienced substantial growth in the Utility Vehicles (UV) segment, selling 40,022 vehicles in the domestic market–a 23 per cent increase compared to the previous year.

The total sales for UVs, including exports, stood at 40,644 vehicles. Domestic sales for commercial vehicles also remained robust, with 20,594 units sold.

Veejay Nakra, President of the Automotive Division at M&M Ltd., expressed satisfaction with the company’s performance, stating, “We sold a total of 40,022 SUVs in June, a growth of 23 per cent and 69,397 total vehicles, a 11 per cent growth over last year. June has been a momentous month, as we rolled out the 200,000th XUV700 from our facility. We also celebrated 25 years of Bolero Pik-Ups, a category creator and a market leader in the LCV segment.”

Hyundai Motor India Limited (HMIL) experienced a marginal decline in sales for June 2024, with total sales of 64,803 units, comprising 50,103 domestic units and 14,700 units for export.

This slight dip follows a successful first half (H1) of 2024, during which the company achieved a 5.68 per cent year-on-year growth in overall sales, totaling 3,85,772 units.

Automobile major Mahindra & Mahindra.(photo:IANS/Twitter)

Tarun Garg, COO of HMIL, highlighted the company’s achievements, stating”We closed H1 of CY2024 with an overall sales growth of 5.68 per cent Year-on-Year. SUVs have contributed strongly, accounting for 66 per cent of our domestic sales. The new Hyundai CRETA has been a key driver for Domestic H1 sales with 91,348 units sold, a growth of 11 per cent over same period last year.”

The mixed sales figures for June 2024 highlight the dynamic nature of India’s automotive market.

While Maruti Suzuki and M&M’s robust growth demonstrates the resilience and adaptability of these companies, Hyundai’s slight decline underscores the competitive pressures and shifting consumer preferences in the market. (ANI)

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Tech Lite

Hyundai Eyes India as Key Export Hub

At the meeting, Chung shared his vision to nurture India as the group’s global export hub as Hyundai expands its business to Asia, the Middle East, and Africa…reports Asian Lite News

The chief of Hyundai Motor Group recently visited India 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 group said on Thursday.

Over the past year, Hyundai Motor Group has announced new investment plans in India totalling approximately 5 trillion won ($3.75 billion), reflecting the group’s intent to better target one of the fastest growing major 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 for Chung to hold 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 as Hyundai expands its business to Asia, the Middle East, and Africa.

He also highlighted customer trust, employees’ dedication, and technological expertise as key growth factors in India, while expressing pride in the group consistently achieving 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.

Meanwhile, automaker Hyundai Motor on Thursday launched the corporate edition of the ‘Grand i10 NIOS’ at an introductory price of Rs 6,93,200 in India.

The new vehicle comes available in seven colours — Atlas White, Typhoon Silver, Titan Grey, Teal Blue, Fiery Red, Spark Green, and the newly added Amazon Grey.

“The ‘corporate variant’ will offer peace of mind with affordable cost of ownership, backed by Hyundai Motor India’s robust warranty package and nationwide service backing,” Tarun Garg, COO, Hyundai Motor India, said in a statement.

According to the company, the new car offers best-in-class safety, including six airbags as standard and various features, including a 17.14 cm touchscreen display audio.

The Grand i10 NIOS comes powered by a 1.2-litre naturally aspirated petrol engine. It offers features like auto up-down for the driver window, rear AC vents, fast USB Type C charger, passenger vanity mirror, rear power outlet and others.

The 17.14 cm touchscreen infotainment system comes with four speakers with USB and Bluetooth connectivity.

For safety, the car offers various features such as a tyre pressure monitoring system, airbags, seat belt reminders, day and night inside rear-view mirror (IRVM), anti-lock braking system (ABS), central locking and impact sensing door unlock.

ALSO READ-Hyundai Champions ‘Mobility for All’ at Bharat Expo 2024

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Business India News Motoring

Hyundai Champions ‘Mobility for All’ at Bharat Expo 2024

Since its inception in 1996, Hyundai Motor India has consistently demonstrated a commitment to India, becoming the first OEM to export ‘Made in India’ vehicles worldwide and holding the position of the largest passenger vehicle exporter from India…reports Asian Lite News

Hyundai Motor India Ltd. showcased its technologically-advanced products at the first ever Bharat Mobility Global Expo 2024. Based on the theme ‘Mobility for All’, the Hyundai Motor India Pavilion in Hall No. 6, Pragati Maidan, presented the company’s vision for India and highlighted its commitment to India.

Commenting on Hyundai Motor India’s participation at Bharat Global Mobility Expo 2024, Puneet Anand, AVP and Vertical Head, Corporate Affairs, Hyundai Motor India, said, “We would like to congratulate the Government of India and Ministry of Commerce & Industries for envisioning this unique Bharat Global Mobility Expo 2024.

“It gave us an opportunity to showcase our products & technologies to the audience. As Hyundai Motor India, we take pride in our journey of localization, epitomising the ‘Made in India, for the World’ spirit. Our commitment goes beyond cars; it’s a commitment to India’s engineering prowess and growth.

“Achieving 100 per cent localisation in vital components reflects our dedication to the ‘Make in India’ initiative. Our state-of-the-art facilities across the nation, coupled with ongoing investments, underscore our vision for excellence. Hyundai’s journey in India is more than just automobiles; it’s a narrative of progress, community development, and a relentless pursuit of innovation, reflecting our enduring commitment to India’s future.”

Localisation Zone

Localisation has been pivotal in Hyundai Motor India’s journey since its inception. As the foremost exporter of ‘Made in India’ cars globally, Hyundai’s specialised localisation zone exemplifies the extensive utilization of parts from Indian manufacturers, showcasing the nation’s engineering prowess.

In its ongoing commitment to enhancing localisation, Hyundai has achieved 100 per cent localisation in key components such as tires, panoramic sunroof, alloy wheel, and more.

The company is also working towards enhancing localisation ratio for manufacturing vehicles in India, including key car components, ECM-based Inside Rear View Monitor (IRVM), higher grade AGM technology battery, and a wide range of other components.

Reinforcing its commitment towards localisation, a dedicated team has been established to intensify its efforts, particularly for high-volume models, aligning with the government’s ‘Make in India’ initiative.

The zone not only highlights Hyundai’s advanced manufacturing facility in Sriperumbudur, but also showcases the R&D facility in Hyderabad, corporate office in Gurugram, and the recently acquired Maharashtra facility, firmly establishing Hyundai’s presence on the Indian map.

The comprehensive zone is complemented by a film illustrating Hyundai’s manufacturing excellence, emphasising the company’s dedication to delivering the highest quality vehicles globally.

Since its inception in 1996, Hyundai Motor India has consistently demonstrated a commitment to India, becoming the first OEM to export ‘Made in India’ vehicles worldwide and holding the position of the largest passenger vehicle exporter from India.

Hyundai has been a pioneer in the Indian automobile industry, introducing global technologies and features, and standardizing 6 airbags and 3-point seatbelts across its entire range.

Aligned with Hyundai’s global CSR guideline of ‘CONTINUE,’ the Hyundai Motor India Foundation, initiated in 2006, has undertaken various social initiatives, including Art for Hope, telemedicine clinics, sports labs, Dhyan-Do, Drive for Progress, BeTheBetterGuy, and more, focusing on community development, healthcare, education, vocational training, and promoting safe mobility practices.

In 2023, Hyundai Motor India signed an MoU with the government of Tamil Nadu, committing INR 20,000 Crore over next 10 years for capacity expansion, new products, establishing a battery pack assembly facility, and improving charging infrastructure.

In 2024, an additional commitment of Rs 6,180 crore was declared by the company, including Rs 180 crore towards ‘Hydrogen Valley Innovation Hub’ in collaboration with IIT Madras.

Additionally, the company has signed an MoU with the State of Maharashtra for a long-term investment of Rs 6,000 crore for infrastructure upgradation and capacity expansion for its 1 million capacity goal. These endeavours underscore Hyundai Motor India’s enduring commitment to India, paving the way for its sustained success in the country.

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Business Tech Lite Technology

Hyundai’s New Plant to Produce 200,000 EVs Annually

Hyundai will spend 2 trillion won ($1.51 billion) to build the 548,000-square-meter EV factory in Ulsan, some 300 kms southeast of Seoul….reports Asian Lite News

Hyundai Motor held a groundbreaking ceremony on Monday for a dedicated electrical vehicle (EV) manufacturing plant in the country’s southeastern industrial city of Ulsan, with a goal of producing 200,000 vehicles annually, starting in 2026.

Hyundai will spend 2 trillion won ($1.51 billion) to build the 548,000-square-meter EV factory in Ulsan, some 300 kms southeast of Seoul. When completed, it will be Hyundai’s first domestic manufacturing plant in 29 years since its Asan plant, built in 1996.

The ceremony, held at the EV plant site, a former test drive site inside Hyundai’s larger Ulsan plant, was attended by Hyundai Motor Group Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum, reports Yonhap news agency.

According to Hyundai, the envisioned facility will be operated through the company’s innovative manufacturing platform developed by the Hyundai Motor Group Innovation Center in Singapore, the company’s smart urban mobility hub.

The platform factors in and streamlines elements involving workers’ safety, convenience and efficient operations. It utilizes an artificial intelligence-based intelligent control system and environmentally friendly, low-carbon production methods.

“The dedicated EV plant marks another beginning towards the era of electrification for the next 50 years,” Chung said in his welcome remarks at the ceremony.

Chung also pledged for Hyundai to work together with the local government to make Ulsan a “pioneering innovative mobility city,” leading the era of electrification.

Hyundai has previously announced a medium- to long-term goal of producing and selling 940,000 EV units by 2026 and 2 million units by 2030.

After the event, Chung hinted that Hyundai intends to continue investing in the EV business despite recent cost-cutting efforts among global competitors, such as GM and Ford.

“It’s an investment we’ve been making, and while there are various methods, such as cost reduction, in the broader picture, the demand for EVs will inevitably continue to increase,” Chung told reporters.

Also featured at the ceremony was a video highlighting the history of Hyundai’s Ulsan plant. In it, the late Chung Ju-yung, founder of Hyundai, whose image and voice were recreated using artificial intelligence technology, was seen praising the abilities of South Korean engineers.

“Thanks to the outstanding abilities and dedication of these individuals, I am confident that the day is not far off when Korean cars, our cars, will dominate the global market,” the late founder was portrayed as saying.

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Business Tech Lite USA

Hyundai, Kia Dominate US Eco-Friendly Car Market

The tally was also higher than the annual sales of 182,627 eco-friendly cars sold in the U.S. in 2022…reports Asian Lite News

Hyundai Motor, South Korea’s biggest carmaker, and its affiliate Kia sold more than a combined 200,000 eco-friendly vehicles in the United States in the January to September period, the companies said on Sunday.

The two automakers have sold a combined 213,270 eco-friendly cars in the U.S. in the first nine months, up 61.6 per cent from the 131,986 logged over the same period last year.

The tally was also higher than the annual sales of 182,627 eco-friendly cars sold in the U.S. in 2022, reports Yonhap news agency.

Among Hyundai’s cars, Tucson Hybrid was sold the most at 30,353 units, followed by 25,306 units of its electric vehicle model, Ioniq 5, and 16,824 units of the Santa Fe Hybrid.

Among Kia’s models, sport utility vehicles were popular.

A total of 30,604 units of Kia’s Sportage Hybrid were sold in the January-September period, as well as 20,003 units of the Niro Hybrid and 19,927 units of the Sorento Hybrid.

Hyundai and Kia’s strong performance came amid the two companies’ efforts to expand their sales of commercial-purpose electric vehicles that are still eligible for tax credits under the U.S. Inflation Reduction Act (IRA) though they are assembled outside North America.

The share of South Korean automakers in the U.S. commercial eco-friendly vehicle market jumped to 55 percent in August from 5 percent last year, according to the industry ministry.

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Tech Lite USA

Hyundai, Kia Seek Dismissal of Car Theft Class-Action Lawsuits in the US

All Hyundai and Kia vehicles produced since November 2021 come with an engine immobilizer as standard equipment, according to the companies…reports Asian Lite News

Hyundai Motor and its affiliate Kia said on Wednesday that they have asked a US court to reject class-action lawsuits filed in 17 cities over a series of car thefts of their vehicles.

In their documents submitted to the US court, Hyundai and Kia said they should not be held accountable for thefts resulting from an unprecedented criminal social-media phenomenon, reports Yonhap news agency.

The lawsuits came after thousands of thefts of the carmakers’ vehicles spiked in the summer of 2022 due to Tiktok videos showing how to steal cars without the theft-prevention devices under the title “Kia Challenge.”

The 17 cities include New York, San Diego, Milwaukee, Cleveland, Columbia and Seattle.

The South Korean carmakers also said subjected state governments are responsible for the thefts, citing their lack of budget and lax policing to prevent auto theft and reckless joyriding.

In February, the carmakers said they would provide software upgrades to 8.3 million units of their vehicles sold in the United States without push-button ignitions and immobilizing anti-theft devices.

All Hyundai and Kia vehicles produced since November 2021 come with an engine immobilizer as standard equipment, according to the companies.

In May, they agreed to a $200 million settlement in a class-action lawsuit filed by US consumers for failing to install anti-theft technology in the affected vehicles.

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Business Tech Lite Technology

Hyundai Launches Ioniq 5 N Electric Model

The new model represents a new segment of driver-focused high-performance EVs since it boasts advanced cornering and racetrack capabilities…reports Asian Lite News

Hyundai Motor on Monday launched the N brand’s first all-electric model, the Ioniq 5 N, in the domestic market as it accelerates its transition to a future mobility solutions provider.

The Ioniq 5 N, first unveiled at the 2023 Goodwood Festival of Speed in Great Britain in July, comes with an 84 kWh battery pack and can accelerate from zero to 100 kph in 3.4 seconds, the company said in a statement.

The new model represents a new segment of driver-focused high-performance EVs since it boasts advanced cornering and racetrack capabilities as an everyday sportscar, reports Yonhap news agency.

It is priced at $58,000 after individual consumption taxes and tax benefits given to environment-friendly vehicles. It can travel about 350 kms on a single charge, the statement said.

Ioniq 5 N combines the standard Ioniq 5 model’s electric global modular platform (E-GMP) with N’s motorsport-bred technologies. E-GMP is Hyundai Motor Group’s dedicated EV platform.

Hyundai’s Ioniq 5 and Ioniq 6 are built on the E-GMP platform, with the same platform-based Ioniq 7 set to be released next year.

Hyundai’s independent Genesis brand’s GV60 SUV, and its smaller affiliate Kia Corp.’s EV6 and EV9 SUVs also share the E-GMP platform.

The maker of Sonata sedans and Santa Fe SUVs plans to invest 109.4 trillion won by 2032 to secure a leading position in the global future mobility market, while aiming to sell 1 million pure electric models by 2030.

Hyundai’s first dedicated EV factory, the 300,000-unit-a-year Hyundai Motor Group Metaplant America in Georgia, the U.S., is under construction with a goal to start operations in the second half of 2024.

Another EV-dedicated plant is being built in Korea with the aim of starting production in 2025.

The N models bring full performance capability to daily driving, while the N Line brings performance-inspired elements to base model vehicles. The N Line models sit between Hyundai’s high-performance N brand and the general Hyundai brand.

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Asia News Business

Hyundai to take fresh crack at Japanese Market

Hyundai Motor signed a memorandum of understanding (MOU) with the Culture Convenience Club Co. (CCC) for partnerships in car-sharing mobility services…reports Asian Lite News

Hyundai Motor said on Thursday it has signed an initial pact with a Japanese culture content company to promote sales of zero-emission vehicles in the neighbouring country.

Hyundai Motor signed a memorandum of understanding (MOU) with the Culture Convenience Club Co. (CCC) for partnerships in car-sharing mobility services, data-based marketing and an EV experience platform in Japan, the company said.

“We expect the partnership between a mobility company and a content provider will generate new opportunities (in the Japanese market),” Hyundai Motor President and CEO Chang Jae-hoon said in a statement.

In the Mocean car-sharing services, Hyundai provides the all-electric IONIQ 5 equipped with Hyundai Motor Group’s dedicated EV platform named E-GMP and its charging facility at the large-scale bookstore Daikanyama T-Site Tsutaya, operated by CCC, reports Yonhap news agency.

Hyundai also plans to promote its battery electric vehicles through joint marketing projects with CCC and to give Japanese consumers opportunities to experience its zero-emission cars through the EV experience program.

In May last year, Hyundai re-entered the Japanese market 12 years after leaving Japan due to poor sales, as rising demand for all-electric vehicles offers new opportunities in the market dominated by Toyota Motor Corp.

Hyundai advanced into Japan in 2001 but pulled out of the neighboring market in 2009 after selling a mere 15,000 gasoline cars during its first foray.

Hyundai seeks to provide sustainable mobility to the market under the motto of Progress for Humanity. Japan is the market from which the company has to learn and into which the company has to explore, Chang said in February.

Hyundai has sold the Nexo hydrogen fuel-cell electric vehicle and the IONIQ 5 midsize crossover through an online-only sales platform, without dealerships.

The maker of Sonata sedans and Santa Fe SUVs plans to introduce two pure electric models by early next year — the Kona Electric this fall and the high-performance IONIQ 5 N model early next year.

ALSO READ: Hyundai inks pact to promote sales of zero-emission vehicles

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Business Tech Lite

Hyundai inks pact to promote sales of zero-emission vehicles

Hyundai advanced into Japan in 2001 but pulled out of the neighboring market in 2009 after selling a mere 15,000 gasoline cars during its first foray…reports Asian Lite News

Hyundai Motor said on Thursday it has signed an initial pact with a Japanese culture content company to promote sales of zero-emission vehicles in the neighbouring country.

Hyundai Motor signed a memorandum of understanding (MOU) with the Culture Convenience Club Co. (CCC) for partnerships in car-sharing mobility services, data-based marketing and an EV experience platform in Japan, the company said.

“We expect the partnership between a mobility company and a content provider will generate new opportunities (in the Japanese market),” Hyundai Motor President and CEO Chang Jae-hoon said in a statement.

In the Mocean car-sharing services, Hyundai provides the all-electric IONIQ 5 equipped with Hyundai Motor Group’s dedicated EV platform named E-GMP and its charging facility at the large-scale bookstore Daikanyama T-Site Tsutaya, operated by CCC, reports Yonhap news agency.

Hyundai also plans to promote its battery electric vehicles through joint marketing projects with CCC and to give Japanese consumers opportunities to experience its zero-emission cars through the EV experience program.

In May last year, Hyundai re-entered the Japanese market 12 years after leaving Japan due to poor sales, as rising demand for all-electric vehicles offers new opportunities in the market dominated by Toyota Motor Corp.

Hyundai advanced into Japan in 2001 but pulled out of the neighboring market in 2009 after selling a mere 15,000 gasoline cars during its first foray.

Hyundai seeks to provide sustainable mobility to the market under the motto of Progress for Humanity. Japan is the market from which the company has to learn and into which the company has to explore, Chang said in February.

Hyundai has sold the Nexo hydrogen fuel-cell electric vehicle and the IONIQ 5 midsize crossover through an online-only sales platform, without dealerships.

The maker of Sonata sedans and Santa Fe SUVs plans to introduce two pure electric models by early next year — the Kona Electric this fall and the high-performance IONIQ 5 N model early next year.

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