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Hyundai Group CEO evaluates India expansion, holds first townhall outside Korea

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In Short:

Hyundai Motor Group’s CEO visited India to review long-term plans and expand production capacity for electric vehicles. They held a town hall meeting to share the vision with employees. The company plans to produce over a million units annually in India and expand EV portfolio by 2030. They aim to increase sales and establish India as a global export hub. Hyundai India will launch its first locally produced EV next year.

Hyundai Motor Group’s CEO, Euisun Chung, Visits India to Shape Future Strategies

Imagine walking into your workplace and finding out that the big boss from the head office has flown in to meet you. Well, that’s exactly what happened at Hyundai Motor India when CEO Euisun Chung paid a visit to review the Group’s future plans.

A Town Hall Meeting Outside Korea!

This wasn’t just any regular visit. In a first-ever move, Executive Chair Chung held a town hall meeting with Hyundai Motor India employees, sharing the Group’s vision and gearing up for exciting opportunities ahead. The focus? Boosting production capacity and diving deep into the electrification strategy.

The Big Plans Unveiled

Hyundai Motor India, now in its 30th year, is set to kickstart operations at its Pune plant in the second half of next year. With upgrades in full swing, the facility is gearing up to churn out more than two lakh units annually.

Combine this with the Chennai plant’s capacity and Kia India’s expansion plans, and we’re looking at a whopping one million units rolling off the production line each year. Talk about scale!

A Greener Future and Stronger SUV Sales

But that’s not all. The Group is also doubling down on EVs, with plans to unveil its first locally produced model in India next year. By 2030, there will be five electric beauties cruising the streets, backed by an extensive network of charging stations.

And when it comes to SUVs, Hyundai is all set to reinforce its sales leadership, catering to the growing demand in this segment.

Aiming High, Sales Soar

With the first quarter of 2024 already looking promising, Hyundai Motor Group brands have seen a 1.5% increase in sales compared to the previous year. The goal for this year? Aiming for around 890,000 units – a hefty 3.9% jump over last year’s performance.

As Chung rightly put it, India’s growing economy holds immense potential, making Hyundai Motor India’s role even more critical. By leveraging quality, reputation, and a dash of innovation, the Group is all geared up to steer India towards a greener, brighter future.

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