Hyundai Motor Group Executive Chair Chung Eui-sun met with Indian Prime Minister Narendra Modi.
The two engaged in wide-ranging discussions on the future of mobility, with Executive Chair Chung underscoring the group’s priority of working closely with India thanks to the country’s diverse market conditions and reformist approach.
Executive Chair Chung was in India to review the Group’s mid-to long-term strategy and attend the Hyundai Motor India Limited (HMIL) Stock Exchange Listing Ceremony on Oct. 22.
The meeting, held at the Indian prime minister’s office in Delhi, was also attended by Tarun Garg, COO of HMIL.
They discussed the development of the Indian mobility industry and potential cooperation between India and Hyundai Motor Group.
Executive Chair Chung invited Prime Minister Modi to the opening of HMIL’s plant in Pune, Maharashtra.
Investment in this factory will be game-changing for HMIL, supported by the government of India and government of Maharashtra.
HMIL will continue to play a key role in the “Make in India” initiative, and as India marches toward its ‘Viksit Bharat 2047’ vision — a strategy for the country’s development by the year 2047, coinciding with the 100th anniversary of India’s independence - Hyundai will stand as a trusted partner on this meaningful journey.
Since entering the Indian market in 1996, Hyundai Motor Group has become one of the top mobility companies in the country, offering innovative products and making significant social contributions.
Executive Chair Chung expressed his respect for India’s heritage and culture during the meeting. He said, “India’s rich history and culture continue to inspire people worldwide. As India and Korea deepen economic collaboration, we can learn much from each other’s cultures and strengthen the foundations of our cooperation.”
He also thanked the Indian government for its continuing support of Hyundai Motor Group, discussed the significance of Hyundai Motor India’s IPO, and outlined plans to build on the group’s success so far by establishing Hyundai Motor as India’s most trusted mobility company.
“Hyundai Motor has successfully operated in India for over 26 years, becoming the second largest automobile manufacturer thanks to the Indian government’s interest and the Indian people’s support,” said Executive Chair Chung, adding, “Now is the right time to further establish Hyundai as a ‘Home Brand’ and the ‘Most Trusted Brand’ in India.”
Executive Chair Chung expressed his support for the adoption and growth of EVs in India, stating “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 localization of parts.”
Hyundai Motor Posts 43 Trillion Won in Q3, its Best-Ever Sales
Hyundai continued to be on a roll in the third quarter of this year. The automaker saw its operating profit decline.
But its sales were the best-ever on a quarterly basis. Despite the relatively low demand for EVs and several geopolitical risks, Hyundai Motor raised profitability by expanding the selling of value-added cars, such as SUVs and premium brand Genesis.
Provisional figures, released on its public notice on Oct. 24, showed that operating profit in the third quarter of the year stood at 3,580.9 billion won, a 6.5 percent drop over the third quarter of 2023.
The automaker saw Q3 sales surge to 42,928.3 billion won, a 4.7rcent year-on-year rise.
Its operating profit margin stood at 8.3 percent while net profit was calculated at 3,205.9 billion won.
In the third quarter of 2023, Hyundai Motor posted 41,270 billion won in sales, 3,821.8 billion won in operating profit and 9.3 percent in operating profit margin.
As a result, Hyundai Motor logged 11,417.4 billion won in cumulated operating profit in the first nine months of the year.
Kia Motors also chalked up a good business performance.
The two companies are expected to see their combined operating profit surpass 20 trillion won during the whole of this year.
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