[GLOBAL ECONOMIC TIMES] Hyundai Motor India is set to make its stock market debut this week following a record-breaking IPO in India. The company, a subsidiary of South Korean automotive giant Hyundai Motor Co., raised a staggering US$3.3 billion through the IPO. This marks the largest IPO in Indian history, surpassing the previous record held by the Life Insurance Corp. of India.
India plays a crucial role in Hyundai Motor's global production strategy. Last year, the company produced 765,000 vehicles in India, solidifying its position as the second-largest carmaker in the country.
Industry observers are eagerly watching to see if the company can enhance its local competitiveness through this listing. Hyundai Motor has made significant investments in India in recent years. In 2023, the company acquired General Motors' manufacturing plant in Pune. The plant is currently undergoing upgrades to implement a smart manufacturing system and increase production capacity to over 200,000 units annually.
With the Pune plant expected to become operational in the second half of 2025, Hyundai Motor India will have a combined annual production capacity of 1 million units from its Chennai and Pune plants.
To meet the growing demand for electric vehicles in India, Hyundai Motor plans to expand its network of EV charging stations to 485 by 2030. The company has also entered into a strategic partnership with Indian battery giant Exide Energy.
Hyundai plans to introduce its first India-specific electric vehicle, the Creta EV, in 2025. This model will be the first EV produced locally at the Chennai plant. By 2030, the company aims to have five EV models available in the Indian market.
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