Page 7 - Hyundai Motors

Hyundai Motor picks JPMorgan, Citi to accelerate $3 billion IPO: Report

The company plans to file regulatory papers in India by May to June for an approval, said two of the three sources, all of whom declined to be named as the talks are private

Hyundai Motor wholesales increase 8.5% in January at 67,615 units

Hyundai Motor India on Thursday said its wholesales rose by 8.5 per cent to 67,615 units in January. The automaker had dispatched 62,276 units in the same month last year. Domestic sales saw an increase of 14 per cent to 57,115 units last month from 50,106 units in the year-ago period. Exports, however, declined by 14 per cent to 10,500 units in January as against 12,170 units in 2023. This strong growth has been fuelled by an overwhelming customer response to the newly launched Hyundai Creta, which has already garnered close to 50,000 bookings within a month opening, Hyundai Motor India COO Tarun Garg said in a statement. Further, the entry SUV exter continues its amazing run in the market clocking great sales numbers as well, he added. "Going forward, we continue to be cautiously optimistic about the momentum of the auto industry in 2024," Garg said.

Hyundai buys GM's Talegaon plant, will invest Rs 6,000 cr in Maharashtra

Plant will be 'catalyst' in achieving Hyundai India's target of achieving one million annual production capacity, says company

Hyundai completes Talegaon plant acquisition, to invest Rs 6,000 cr in Maha

Hyundai Motor India on Friday said it has completed the acquisition of General Motors India's manufacturing plant at Talegaon in Maharashtra. The country's second-largest carmaker also announced that it will invest Rs 6,000 crore in Maharashtra as part of an agreement inked between the company and the state government in Davos. The acquisition of the Talegaon facility has been completed after the fulfilment of certain conditions and the receipt of regulatory approvals from relevant government authorities and relevant stakeholders, Hyundai Motor India said in a statement. "India is a very important market for Hyundai Motor Company, and we are committed to provide benchmark creating products and technologies to Indian customers," Hyundai Motor India Ltd (HMIL) MD & CEO Un Soo Kim said. As the company looks forward to the next decade of progress, it is critical to augment manufacturing capacity in India, he added. "The Talegaon manufacturing plant will play the role of a catalyst in

Rising interest rates threaten India's credit growth, pressure margins

While Samsung Electronics Co. disappointed last week, the country's chip output and shipments grew the most in years in November, reviving optimism about the outlook

Hyundai expects SUVs to account for 65% of its total volumes in 2024

Hyundai Motor India expects sports utility vehicle sales to account for 65 per cent of its overall volumes in 2024, the company's COO Tarun Garg said. The company, which currently gets around 60 per cent of its overall volumes from SUV sales, plans to invest Rs 7,000 crore on its second plant at Talegaon, according to Maharashtra Deputy Chief Minister Devendra Fadnavis. The company officials declined to comment. On Tuesday, the company strengthened its SUV portfolio with the introduction of the new version of its mid-sized sports utility vehicle Creta priced between Rs 10.99 lakh and Rs 19.99 lakh (ex-showroom). The company also plans to commence production at the newly acquired manufacturing plant at Talegaon plant in Maharashtra next year, Hyundai Motor India COO Tarun Garg said.

Hyundai Motor debuts air taxi ahead of test flights later this year

The South Korean company will apply for certification of the vehicle in the US by the middle of 2024 with the goal of starting technology demonstrator flights by the end of the year

Hyundai announces Rs 6,180 cr investments at TN Global Investors Meet

Hyundai Motor India Ltd on Monday said it will invest Rs 6,180 crore on various initiatives, including establishing a hydrogen resource centre, in Tamil Nadu. The fresh investment by the automaker is in addition to the Rs 20,000 crore it plans to deploy over a period of ten years (2023- 2032) to augment its efforts in electric vehicle manufacturing, charging infrastructure and skill development. The company inked an MoU with the state government regarding the new investment during the Tamil Nadu Global Investors Meet 2024. "This substantial investment of Rs 6,180 crore is a testament to our enduring commitment to fortifying the state's pursuit to boost the socio-economic development in the state and make the country self-reliant," Hyundai Motor India MD & CEO Unsoo Kim said in a statement. This collaboration with the state government goes beyond mere investment; it is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors the company's commitment to ...

Hyundai Motor India total sales grew 9%, reached 765,786 units in 2023

Hyundai Motor India Ltd on Monday reported a 9 per cent year-on-year increase in total sales at 7,65,786 units in 2023, on the back of record annual domestic sales. The company had sold a total of 7,00,811 units in 2022, Hyundai Motor India Ltd (HMIL) said in a statement. The company achieved its highest-ever domestic sales in a calendar year, crossing the six lakh sales milestone in 2023 as it sold 6,02,111 units, up 9 per cent over previous year's 5,52,511 units, it added. Exports grew by 10 per cent to 1,63,675 units in 2023 as compared to 1,48,300 units in 2022, it added. HMIL COO Tarun Garg said the company has not just kept pace but surpassed the estimated industry growth of around 8.2 per cent. "Also in 2023, we proactively expanded our annual production capacity by 50,000 units to meet the increasing demand from our customers," he added.

OEM, dealers to play Santa during year-end for EV passenger vehicles

Carmakers, dealers offering discounts up to Rs 4 lakh

Hyundai, Ducati latest automakers to increase vehicle prices from January 1

Automaker Hyundai Motor India Ltd on Thursday said it will hike the prices of its vehicles from next month citing rising input cost, adverse exchange rate and increase in commodity prices. The company, which sells a range of vehicles starting from Grand i10 Nios to electric SUV IONIQ5, priced between Rs 5.84 lakh to Rs 45.95 lakh, however, did not specify the quantum of the proposed price increase to be effective from January 1, 2024. The price increase is owing to rising input cost, adverse exchange rate and increase in commodity prices, amongst other reasons, Hyundai Motor India Ltd (HMIL), said in a statement. HMIL COO Tarun Garg, COO said the company always tries to absorb the cost escalations to the extent possible and ensure customers are not burdened. "However, it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase," he added. HMIL said it will continue to make consistent internal efforts to minimize future

Cyclone Michaung: Life halts as Chennai sees worst rainfall in decades

Cyclone Michaung takes its toll: 5 dead; road, air, rail traffic affected; Foxconn, Pegatron, Hyundai ops hit

Hyundai Motor sets sight on domestic sales of 600,000 units in CY2023

HMIL also reiterated its plans to invest around Rs 20,000 crore strategically towards building an electric vehicle (EV) ecosystem in India

Car sales to cross 4 mn mark this year on strong demand despite price hikes

Carmakers are expecting sales of 4.10 to 4.17 mn cars this calendar year. This is 8-10% more than the sales registered in 2022, despite the high base of last year

Hyundai to install new plant in S Korea, to produce 200,000 EVs a year

Hyundai will invest 2 trillion won ($1.5 billion) building the plant, which will cover 548,000 square meters of land at a former motor racing circuit

Stand 'firmly' with General Motors Talegaon workers: Maharashtra CM

State government assures workers, says better compensation, jobs among solutions being worked out

As workers begin strike, GM says it offered 7X the required compensation

The erstwhile workers of General Motors India started their indefinite hunger strike on October 2, protesting their alleged non-absorption by Hyundai Motor India

Hyundai reports highest ever monthly sales in September at 71,641 units

Hyundai Motor India on Sunday said its total wholesales increased 13 per cent year-on-year to 71,641 units in September, its highest ever in a month. The country's second largest carmaker had dispatched 63,201 units to dealers in September last year. Domestic sales last month rose to 54,241 units, up 9 per cent from 49,700 units in September 2022, Hyundai Motor India said in a statement. Exports were higher at 17,400 units last month from 13,501 units in September 2022, an increase of 29 per cent. "While the industry grew by 2 per cent last month, our domestic dispatches were up 9 per cent. The share of SUV sales in our overall volumes continues to grow," Hyundai Motor India COO Tarun Garg told PTI. The ongoing festive season has resulted in strong sales momentum, helping the automaker achieve 9 per cent growth, he added. "Our strong SUV portfolio has received a further boost with the exceptional customer response to the newly launched Exter," Garg said. The company has garnere

Hyundai i20 facelift now starts at Rs 6.99 lakh, drops the turbo-petrol

The turbo petrol will be reserved for the N Line variant of the Hyundai i20 which will be launched at a later date

ADAS: The new buzzword in car market, everything you need to know about it

ADAS can detect lane departures and can either warn the driver about the lane departure or, in higher-level ADAS cars, take control of the steering and put the vehicle back in the lane