Posted on 23 Oct 2024
Hyundai Motor Group’s executive chair Euisun Chung told India’s Prime Minister Narendra Modi on Tuesday the carmaker is committed to helping India to electrify its transport, Kallanish Power Materials notes.
In a ceremony marking Hyundai Motor India Limited (HMIL)’s Indian listing on 22 October, the parties discussed the development of the Indian mobility industry and potential cooperation.
“We will continue our cooperation with the Indian government to establish an EV ecosystem through the release of EV models, construction of EV-charging networks, and localisation of plants,” Chung says in a statement.
The carmaker says its plans include the local manufacturing of battery systems, cells and drive systems, to create a supporting EV supply network. Specific details were not provided.
Hyundai Motor notes it has become one of the top mobility companies in the country since entering the market in 1996 and “will continue to play a key role in the ‘Make in India’ initiative.”
HMIL shares fell 7% on its trading debut after a $3.3 billion initial public offering (IPO). Shares floated at INR 1,960 but closed at INR 1,819. This is Hyundai’s first IPO outside of South Korea and India’s largest ever by amount raised.
Source:Kallanish
