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Tag: Hyundai

  • Hyundai Deploys 11 Electric Buses for Bali Public Transit Fleet

    Hyundai Deploys 11 Electric Buses for Bali Public Transit Fleet

    Hyundai Motor delivered 11 County EV buses to Bali on October 22, introducing the resort island’s first electric public transit fleet.

    The eight-metre buses carry 20 seats, run on 128 kWh battery packs and cover more than 200 kilometres on a single charge.

    The fleet arrived under the Bali Sustainable Transportation System Official Development Assistance Project. The Global Green Growth Institute manages the programme alongside South Korea’s Ministry of Climate, Energy and Environment and the Indonesian government, having selected Hyundai through a tender floated in late 2025.

    Local Assembly and Vehicle Architecture

    Hyundai supplied the electric bus platforms. Local bodybuilder Laksana constructed the coachwork in Indonesia, pairing the domestic frame with a 150 kW motor.

    Technical specifications indicate the vehicles produce over 30 per cent quicker acceleration between 50 and 80 km/h than equivalent diesel models. Hyundai has opened an on-site field quality monitoring room to track real-time powertrain performance, daily battery degradation and structural wear across the tourist island’s stop-and-start traffic routes.

    Regional transit operators face steep technical tests when transitioning fleets in tropical leisure hubs. Air conditioning loads run continuously at peak capacity, which drains battery range far faster than standard municipal testing suggests. By retaining operational control through its on-site situation centre, Hyundai is underwriting service uptime directly while local maintenance technicians train on high-voltage battery architecture.

    Commercial Expansion Beyond Java

    The Bali contract duplicates Hyundai’s initial commercial transit test in East Java. The manufacturer handed over an identical batch of 11 County EV units to Surabaya in November 2024 to test fleet durability in dense city environments.

    South Korean commercial vehicle makers are establishing fleet positions in Southeast Asia before Chinese rivals take every municipal transit tender. Hyundai is carving out mid-capacity shuttle routes through bilateral development finance and domestic coachbuilding tie-ups. This shields municipal buyers from heavy upfront capital expenditure while securing guaranteed parts inventories.

    The procurement originates from a government memorandum signed between South Korea and Indonesia to decarbonise regional transport links across prime commercial centres. Indonesian officials, including Minister of National Development Planning Rachmat Pambudy and Bali Governor I Wayan Koster, took handover of the keys alongside South Korean Ambassador Soon-gu Yoon.

    Hyundai plans to expand its electrified commercial vehicle network into Jakarta, Semarang and Medan as municipal transport boards prepare follow-up tenders for provincial commuter routes.

  • Hyundai Opens UK Orders for Ioniq 3 Compact EV at £18,495

    Hyundai Opens UK Orders for Ioniq 3 Compact EV at £18,495

    Hyundai Motor opened UK order books on Monday for its Ioniq 3 electric hatchback. Entry pricing starts at £18,495 on the road after government subsidies.

    The sub-£20,000 opening price applies to the base Advance 42 kWh trim. That reflects the £3,750 UK Electric Car Grant deducted from its £22,245 list price.

    Buyers choosing the larger 61 kWh pack pay £21,995 after the grant, down from £25,745. The top-tier N Line Evo tops the range at £28,195. Existing reservation holders who switch to binding orders get the full £3,750 state subsidy rather than the £1,500 promotional factory discount Hyundai initially planned. Showroom deliveries in the UK begin this month.

    Powertrain splits and charging specifications

    Engineering teams in Rüsselsheim, Germany, developed the 4.15-metre hatchback on a 400-volt variation of the group’s E-GMP electric architecture. Production for European and British markets goes to the carmaker’s plant in Izmit, Turkey. Dimensions run 4,155 mm long, 1,800 mm wide, and 1,505 mm high on a 2,680 mm wheelbase. The car pairs a 0.263 drag coefficient with 441 litres of rear cargo capacity.

    Two lithium-ion battery capacities determine performance across five model configurations. The entry 42.2 kWh pack pairs with a 108 kW front motor producing 145 horsepower. That delivers up to 344 kilometres, or 213 miles, of WLTP driving range. For 61 kWh long-range models, a 99.5 kW motor produces 133 horsepower and delivers up to 496 kilometres, or 308 miles, per charge.

    Both packs support direct-current fast charging at peak rates between 110 kW and 119 kW. A 10 to 80 per cent charge takes 29 minutes for the base battery and 30 minutes for the larger pack. Buyers can also specify an optional 22 kW onboard alternating-current charger for faster depot and home charging. Standard equipment includes the Android Automotive OS-based Pleos Connect interface with screens up to 14.6 inches, bidirectional Vehicle-to-Load capability, and the SmartSense driver-assistance suite.

    Pricing structure and retail financing

    Cash pricing and monthly personal contract purchase rates target high-volume retail buyers seeking long range on tighter budgets. Stepping up from the 42 kWh Advance to the 61 kWh version adds £3,500, taking post-grant pricing to £21,995. Mid-tier Premium trims with the 61 kWh pack cost £23,695. The top Ultimate trim costs £26,195 and adds matrix LED lighting alongside highway driving assistance systems.

    Hyundai Finance paired the launch with an entry personal contract purchase plan for the 61 kWh Advance model. The 48-month contract requires a £355 customer deposit and £355 monthly payments at an 8.9 per cent representative APR. In continental Europe, order books opened simultaneously. Base German retail pricing starts at €28,950 before regional incentives, backed by a €209 monthly leasing offer.

    Securing the full £3,750 Electric Car Grant across every version means we can now turn that interest into orders at a price that puts a genuinely spacious, long-range electric car within reach of far more drivers.

    Asian export strategy and segment competition

    Pricing the 308-mile long-range version at £21,995 places direct pressure on European incumbents and Chinese battery-electric imports in Britain. The Ioniq 3 arrives below the Renault 5 E-Tech, which retails from £21,495 with shorter range. It also undercuts the £23,990 entry price of BYD’s Dolphin G DM-i plug-in variant. Against sister brand Kia’s EV2, which shares the E-GMP 400V platform but caps range at 448 kilometres, the car holds a clear aerodynamic range advantage.

    South Korean automakers are adjusting European production footprints to protect margins against shifting tariffs and shipping costs from East Asian plants. Assembling the Ioniq 3 in Turkey while keeping software and battery design at group technical centres lets Hyundai avoid punitive import duties faced by Chinese pure-play EV makers. It also protects retail price parity. For Asian automotive suppliers, the high-volume rollout creates steady demand for 400-volt motor units, wiring harnesses, and battery management modules.

    Focusing on Europe reflects a deliberate geographic split in Seoul’s electric vehicle catalog. Larger 800-volt models like the Ioniq 5 and Ioniq 6 anchor brand volume in North America and Asia-Pacific markets. In the United States, where buyers favor larger crossovers, Hyundai confirmed it has no plans to introduce the smaller Ioniq 3.

    Earlier platform milestones and factory ramp

    The UK order launch follows an August preview where Hyundai tested customer appetite with a temporary £1,500 reservation incentive before securing category certification under the British grant scheme. Over the prior twelve months, the group converted capacity at its Izmit plant to build the E-GMP architecture alongside internal combustion superminis. German engineering trials had locked in the 0.263 drag profile earlier.

    British dealership demonstrator fleets will complete registration by the end of October. Factory delivery times for custom orders and wholesale shipments from Turkey through the first quarter of 2027 will show whether Hyundai converts early UK reservations into sustained European market share.

  • Asian Automakers Take over Half of US Market as Detroit Drops to 36%

    Asian Automakers Take over Half of US Market as Detroit Drops to 36%

    Asian automakers are expected to account for more than half of new vehicle sales in the United States in the third quarter, pushing Detroit’s Big Three down to a record-low market share of just over 36 percent.

    According to Charlie Chesbrough, a senior economist at Cox Automotive, Asian brands are approaching record-high market share levels for the second consecutive quarter as consumers embrace hybrid vehicles over traditional petrol models.

    General Motors saw its third-quarter sales drop 5.5 percent to 670,974 units, while Japanese rival Toyota rose 0.6 percent to 633,223 units. Ford retained third place ahead of South Korea’s Hyundai-Kia, while FCA US fell to sixth place behind Japan’s Honda.

    Hybrid Lineups Drive Asian Gains

    The structural shift across American retail showrooms stems from product portfolio choices made half a decade ago. Japanese and South Korean manufacturers retained broad hybrid options across their core crossover and sedan lines, giving dealers immediate inventory when fuel prices surged. Toyota committed its top-selling 2026 RAV4 exclusively to hybrid and plug-in hybrid configurations, while Hyundai scaled petrol-electric systems across models ranging from the Elantra to the three-row Palisade.

    Detroit carmakers chose a starker electrification route that left dealerships vulnerable. General Motors and Ford directed capital toward dedicated battery-electric vehicles such as the Equinox EV and Mustang Mach-E, while retiring fuel-efficient compact petrol vehicles like the Ford Escape. GM offers only one hybrid model in its domestic lineup, the Corvette. When higher pump prices pushed mainstream buyers toward economical alternatives, Asian brands had stock ready on showroom floors.

    Detroit Caught Between Mandates and Buyers

    Retail dealership economics shifted rapidly after the 7,500 dollar federal electric vehicle tax credit expired last year, halting momentum for pure battery models. Mainstream consumers turned away from higher sticker prices and charging logistics, settling on standard hybrids that require no external plug. That pivot benefited Asian import groups, whose multi-powertrain factory flexibility allowed quick volume adjustments without costly assembly line retooling.

    For automotive component suppliers and retail dealership groups across North America, the product disparity poses operational strain. Dealership franchises tied entirely to domestic brands face slower inventory turns and higher floor-plan interest expenses on unsold pickups and large SUVs. Asian brand networks, by contrast, are turning hybrid crossovers within days of delivery, giving their finance arms stronger cash generation and healthier dealer balance sheets.

    The Looming Chinese Pipeline

    The competitive pressure facing legacy American manufacturers could intensify if Chinese original equipment manufacturers gain access to the market. Industry forecasts by Mobility Global indicate brands such as BYD, Geely and SAIC could capture up to 1.7 million vehicle sales, or roughly 11 percent of the United States market, by 2038 if regulatory barriers ease. Chinese producers have already established dominant pricing positions across Southeast Asia, Australia, Latin America and Europe by using integrated battery supply chains.

    Tariffs and punitive duties currently block low-cost Chinese imports, but political shifts have injected uncertainty into future trade policy. Former President Donald Trump stated in September that he would welcome Chinese vehicle manufacturing within the United States, provided companies build local assembly plants and employ American workers.

    Policy Battles in Washington

    Automotive lobbying organizations responded with swift resistance to any potential opening for Chinese competitors. The American Auto Policy Council, representing GM, Ford and Stellantis, joined the Auto Drives America coalition to petition Washington to keep import and assembly channels completely closed. The Alliance for Automotive Innovation went further, demanding a permanent congressional prohibition on Chinese connected hardware and software, citing data security and heavily subsidized competition.

    Domestic automakers are also seeking immediate regulatory relief on emissions benchmarks. A revised federal proposal aims to lower the 2031 fleetwide fuel economy target of 50.4 miles per gallon established under the previous administration. That revision would give domestic producers room to sell profitable combustion-engine trucks while they overhaul hybrid engineering programs.

    Washington is scheduled to finalize the revised fleetwide fuel economy regulations on Monday, setting the baseline standards Detroit manufacturers will need to meet through 2031.

  • Beijing Hyundai Sets September 29 Launch for China-Built Ioniq V

    Beijing Hyundai Sets September 29 Launch for China-Built Ioniq V

    Beijing Hyundai launches its Ioniq V electric sedan in China on September 29. Pricing starts at 119,900 yuan ($17,770) to compete with domestic battery-electric rivals.

    Buyers can choose from three variants topping out at 139,900 yuan. That entry price targets China’s most price-sensitive automotive segment as the carmaker fights to recover lost market share.

    Local Design and Hardware Specifications

    Engineers at Hyundai’s China design center led development of the vehicle. It is the brand’s first mass-produced Ioniq model built specifically for the mainland ahead of planned exports overseas. The production car derives from the Venus Concept shown at the Beijing Auto Show in April. Built on Hyundai’s E-GMP platform, the fastback body measures 4,900 mm long, 1,890 mm wide, and 1,470 mm tall on a 2,900 mm wheelbase. It features frameless doors and eight exterior paint options.

    Power comes from single-motor rear-wheel drive systems rated at 140 kW or 168 kW. Contemporary Amperex Technology Co. Ltd supplies the lithium iron phosphate battery packs in 53.5 kWh and 66.8 kWh capacities. These packs deliver a CLTC driving range between 520 km and 650 km. An 800-volt electrical architecture enables high-voltage fast charging.

    Chinese Tech Integration in the Cabin

    Beijing Hyundai replaced its global software stack with local digital suppliers to match domestic expectations. Inside, the cockpit runs on Qualcomm’s Snapdragon 8295 processor. It mounts a 27-inch 4K ultra-slim display alongside a projection heads-up system. Infotainment voice processing integrates artificial intelligence large language models from Baidu’s Ernie Bot and ByteDance’s Doubao.

    Highway driver-assist software comes through a partnership with Chinese autonomous driving startup Momenta. The system supports Level 2-plus automated driving functions on highways. That setup addresses mainland buyers who abandoned foreign joint venture brands over laggy cockpits and basic navigation software.

    The Stakes for Hyundai in China

    Foreign automakers in China face shrinking volume as domestic rivals like BYD capture market share through vertical integration and rapid software development. Hyundai chose to outsource critical infotainment and assisted-driving components to Chinese vendors. That decision moves away from proprietary global tech stacks that failed to attract younger local buyers.

    Pricing pressure sits squarely in the 120,000 to 140,000 yuan bracket. That space is crowded with established Chinese pure-electric and plug-in sedans operating on razor-thin gross margins. An 800-volt architecture at 119,900 yuan provides a strong headline specification. Even so, retail execution depends on whether consumer perception of the joint venture brand can recover in Tier 1 and Tier 2 cities.

    The Path to 2030 Volume Targets

    The rollout follows a restructuring of Hyundai’s Chinese manufacturing footprint, which shed excess capacity when Changan took over an assembly plant in late 2025. Hyundai formally restarted its local product strategy in April with the launch of the Ioniq sub-brand. Pre-sales for the Ioniq V began at the Chengdu Auto Show in August.

    Deliveries after the September 29 launch will test the first phase of Beijing Hyundai’s five-year turnaround roadmap. The joint venture plans to roll out 20 battery-electric and extended-range models over the next five years, targeting annual China sales of 500,000 vehicles by 2030.

  • Hyundai Commits to Extended-Range Electric Vehicles

    Hyundai Commits to Extended-Range Electric Vehicles

    Hyundai Motor Group is developing extended-range electric vehicles to broaden its electrified lineup across major automotive markets. The powertrain format pairs electric motors with a small petrol engine acting solely as an onboard generator to charge the battery pack while driving.

    The technology eliminates direct mechanical drive from the combustion engine to the wheels, delivering pure electric driving dynamics without public charging dependency on long journeys.

    How the Powertrain Operates

    Extended-range electric vehicles rely on an electric motor to turn the axles at all times. When battery capacity runs low, an internal combustion engine kicks in to supply electricity directly to the battery and motor. Drivers refuel at conventional petrol stations while retaining the smooth acceleration and regenerative braking of a dedicated battery electric vehicle.

    Automakers increasingly view the technology as a practical interim solution for buyers concerned about charging station availability, high battery replacement costs, and cold-weather range degradation.

    Market Competition and Powertrain Shifts

    Chinese manufacturers such as Li Auto and Seres built substantial domestic market share using extended-range architectures over the past three years. Hyundai’s push into the format brings direct competition from an established legacy carmaker to a powertrain segment previously dominated by Chinese electric vehicle specialists.

    The strategy lets the Seoul-based manufacturer scale electrified production while managing capital allocation across pure battery development, conventional hybrids, and software-defined vehicle architectures.

    Hyundai plans to roll out its initial extended-range models across target regional markets as production schedules and regional regulatory frameworks align.

  • Hyundai Opens Pre-Sales for China-Built Ioniq V Sedan from $17,680

    Hyundai Opens Pre-Sales for China-Built Ioniq V Sedan from $17,680

    Beijing Hyundai opened pre-sales for its Ioniq V electric sedan at the Chengdu Auto Show on Friday, pricing the entry model at 119,900 yuan ($17,680). The vehicle leads a planned rollout of 20 electrified models designed to rebuild the South Korean carmaker’s presence in China.

    Buyers can choose between three battery-electric variants ahead of the sedan’s formal showroom launch in September. The base 540 Max starts at 119,900 yuan, the 540 Max+ costs 129,900 yuan, and the top-tier 650 Max+ sells for 139,900 yuan. All three run on an 800-volt high-voltage fast-charging architecture and deliver up to 650 kilometres of range under China Light-Duty Vehicle Test Cycle standards.

    Local Hardware and Chinese Software

    Developed entirely by Hyundai’s China design centre, the five-seat fastback sits on the group’s dedicated E-GMP platform. The sedan measures 4,900 mm long with a 2,900 mm wheelbase, featuring frameless doors and single-motor powertrains rated at either 140 kW or 168 kW. Contemporary Amperex Technology Co. Supplies the lithium iron phosphate battery packs in 53.5 kWh and 66.8 kWh capacities.

    Inside the cabin, the joint venture outsourced key digital systems to domestic tech firms. The dashboard holds a 27-inch 4K display powered by Qualcomm’s Snapdragon 8295 chip, while the operating software integrates artificial intelligence models from Baidu and ByteDance. Driver-assistance software comes via Beijing Hyundai’s partnership with autonomous driving startup Momenta, enabling highway-level assisted navigation.

    The Volume Target for 2030

    Foreign legacy carmakers have spent two years cutting prices and reshaping supply chains after losing market share to domestic manufacturers such as BYD. Rather than importing global variants at uncompetitive price points, Hyundai is shifting vehicle development directly into China and sourcing cheaper local components to defend retail volumes.

    Beijing Hyundai plans to add an extended-range electric version to the Ioniq V line later in the cycle. The company has set a target to sell 500,000 vehicles annually in China by 2030, with plans to export the Chinese-developed sedan to overseas markets later in the production run.

  • Hyundai Duty Free Unveils AI-Driven Personalized Beauty Hub in Seoul: A New Era of Cosmetics Shopping

    Hyundai Duty Free Unveils AI-Driven Personalized Beauty Hub in Seoul: A New Era of Cosmetics Shopping

    Hyundai Duty Free recently announced the launch of an artificial intelligence (AI) powered beauty analysis zone at its Trade Centre location in Seoul, South Korea. The innovative space, known as ‘AI Beauty Trip’, offers customers unique, personalized skincare and makeup advice through cutting-edge digital tools.

    AI Beauty Trip: A Personalized Beauty Experience

    Situated on the ninth floor of the Trade Centre, the AI Beauty Trip will be operational until April 15th. The zone features two AI-powered devices that provide a sophisticated level of personalization for customers.

    The ‘Makeup AI’ device, a standing unit, uses photo imaging technology to analyze a patron’s facial structure, proportions, and individual color tones. Its counterpart, the ‘Skin Pro AI’, is a mirror-style device designed to evaluate skin conditions. It assesses factors such as pore size, oil levels, wrinkles, and signs of skin aging.

    After customers have undergone these detailed assessments, they can access a comprehensive diagnostic report and tailored product suggestions by scanning a QR code displayed on the screen.

    Participating Brands and Incentives

    Hyundai Duty Free has confirmed that 36 beauty brands participating in the store are integrated with this system. This means that customers have access to information on approximately 800 distinct products, helping to generate highly personalized product suggestions.

    In addition, customers spending at least US$50 on beauty products from participating brands at the Trade Centre store will receive a prepaid gift card worth 10,000 won. This gift card can be used immediately, offering an extra incentive for customers to engage with the AI Beauty Trip experience.

    Technology and Retail: A Perfect Blend

    This latest initiative from Hyundai Duty Free highlights the retailer’s commitment to integrating advanced technology with traditional in-store shopping experiences. As competition within the duty-free retail sector intensifies, and consumer preferences continue to evolve, such innovative approaches aim to boost customer engagement and satisfaction levels.

    Questions & Answers

    What is the ‘AI Beauty Trip’ initiative?
    The ‘AI Beauty Trip’ is an AI-powered beauty analysis zone at Hyundai Duty Free’s Trade Centre store in Seoul. It offers customers personalized skincare and makeup advice through innovative digital tools.

    What are the ‘Makeup AI’ and ‘Skin Pro AI’ devices?
    The ‘Makeup AI’ is a stand-type device that uses photo imaging technology to analyze facial structure, proportions, and color tones. The ‘Skin Pro AI’ is a mirror-style device that evaluates skin conditions such as pore size, oil levels, wrinkles, and signs of aging.

    What incentive does Hyundai Duty Free offer customers who engage with the AI Beauty Trip experience?
    Customers spending at least US$50 on beauty products from participating brands at the Trade Centre store will receive a prepaid gift card worth 10,000 won. This gift card can be used immediately.

  • Vietnamese Automaker Thaco Joins Forces with Hyundai Rotem for Advanced Rail Tech Transfer

    Vietnamese Automaker Thaco Joins Forces with Hyundai Rotem for Advanced Rail Tech Transfer

    South Korean company Hyundai Rotem, a subsidiary of the Hyundai Motor Group, has entered into a technology transfer agreement with Thaco, a Vietnamese automaker. The deal will enable Thaco to manufacture rolling stock for metros and high-speed railway systems under its own brand, by using Hyundai Rotem’s advanced technologies.

    Integrated System Development

    In addition to the technology transfer, Hyundai Rotem will aid Thaco in the development of an integrated system encompassing signaling and communications, as well as mechanical and electrical components.

    Thaco’s Railway Industrial Complex

    As part of its expansion plans, Thaco aims to construct a railway industrial complex sprawling across 786 hectares in Ho Chi Minh City. The complex will include a manufacturing zone for rolling stock, a closed-loop test track system, and a repair center.

    Thaco’s agreement with Hyundai Rotem aligns with Vietnam’s current contemplation of strategies to advance its railway industry. Earlier this year, Prime Minister Pham Minh Chinh encouraged Thaco to be actively involved in research, technology transfer, and the production of carriages and locomotives for high-speed rail projects.

    Thaco’s Investment in High-Speed Rail Projects

    In May, Thaco proposed to construct the North-South high-speed rail link, with an estimated projected cost of US$61.35 billion. Thaco proposes to contribute 20% of the total cost, with the remaining funds to be borrowed from banks, with the backing of government interest subsidies.

    Thaco also revealed interest in developing the 47-kilometer Ben Thanh-Long Thanh rail line, which would connect downtown Ho Chi Minh City with the soon-to-be-completed Long Thanh International Airport.

    Established in 1997, Thaco has a diversified portfolio that includes the auto, agriculture, construction, and logistics sectors. The company assembles Kia, Mazda, and Peugeot cars and also manufactures trucks and buses under its own brand.

    Questions & Answers

    What is the significance of the technology transfer agreement between Hyundai Rotem and Thaco?
    The agreement will enable Thaco to use Hyundai Rotem’s cutting-edge technologies to manufacture rolling stock for metro and high-speed rail under its own brand.

    What is Thaco’s plan for the development of the railway industry in Vietnam?
    Thaco plans to construct a railway industrial complex in Ho Chi Minh City, which will include a manufacturing zone for rolling stock. They have also shown interest in developing high-speed rail projects, including the North-South rail link and the Ben Thanh-Long Thanh rail line.

    What sectors does Thaco operate in?
    Thaco has a diversified business portfolio, with interests in the auto, agriculture, construction, and logistics sectors. They assemble Kia, Mazda, and Peugeot cars and manufacture trucks and buses under its own brand.

  • Hyundai Appoints First Indian Ceo In Landmark Move For Global Auto Industry

    Hyundai Appoints First Indian Ceo In Landmark Move For Global Auto Industry

    Hyundai Motor India Limited (HMIL) made the exciting announcement today that Mr. Tarun Garg will assume the role of Managing Director and Chief Executive Officer. Subject to shareholder approval, his tenure will commence on January 1, 2026. This appointment marks a significant landmark for HMIL; for the first time since its inception 29 years ago, an Indian national will lead the company. Mr. Garg currently holds the position of Whole-time Director & COO at HMIL. As he assumes his new role, the present Managing Director, Mr. Unsoo Kim, will be transitioning into a strategic position at Hyundai Motor Company (HMC) in South Korea.

    A Milestone for Hyundai and India

    Mr. Garg’s appointment is a testament to Hyundai’s faith in Indian leadership and the nation’s burgeoning importance in the global automotive industry. HMC singled out his capabilities for this position. Over the past two years, Mr. Garg diligently worked alongside global management in anticipation of this promotion.

    HMC President and CEO, Mr. Jose Munoz, celebrated Mr. Garg’s appointment, recognizing it as a momentous occasion in HMIL’s nearly three-decade history. He commended Mr. Garg’s transformative and innovative leadership style, remarking on his in-depth understanding of the Indian market, and attributing HMIL’s record-breaking sales for three consecutive years, record profits, and India’s largest IPO in 2024 to his guidance. He also acknowledged Mr. Garg’s focus on customers, teams, and long-term investment. Mr. Munoz ended his remarks by thanking Mr. Kim for his immense contributions to HMIL’s success.

    A Vision for the Future

    Mr. Garg expressed deep gratitude for the faith and trust placed in him by the Hyundai Motor Group. He acknowledged the transformative phase of India’s automotive sector and expressed his eagerness to contribute to HMIL’s continued growth. He emphasized the importance of excellence in all aspects, from design and engineering to sales and service, and expressed his gratitude to Hyundai’s talented employees, dealer partners, and suppliers.

    Mr. Garg affirmed that he and his team would remain committed to enhancing HMIL’s 29-year legacy of customer satisfaction and loyalty, shaping the future of mobility, and building enduring relationships in India.

    Questions & Answers

    What does Mr. Garg’s appointment mean for Hyundai Motor India Limited (HMIL)?
    Mr. Garg’s appointment marks a significant milestone in HMIL’s history. He is the first Indian national to lead the company since it was established 29 years ago, reflecting Hyundai’s strong confidence in India’s leadership capabilities and its growing strategic importance in the global automotive landscape.

    What are Mr. Garg’s achievements as COO at HMIL?
    Under Mr. Garg’s guidance as COO, HMIL achieved record sales for three consecutive years, record-breaking profits, and completed India’s largest IPO in 2024.

    What is Mr. Garg’s vision for HMIL?
    Mr. Garg aims to continue HMIL’s growth in the Indian market, maintaining a strong focus on excellence across all areas, from design and engineering to sales and service. He is committed to strengthening HMIL’s legacy of customer satisfaction and loyalty and to shaping the future of mobility in India.

  • Hyundai Motor India drops 6% in debut after country’s biggest IPO

    Hyundai Motor India drops 6% in debut after country’s biggest IPO

    Shares of Hyundai Motor India dropped as much as 6% in their market debut on Tuesday, after a tepid response from retail investors to the pricing of the country’s largest initial public offering.

    The stock listed at 1,934 rupees on the National Stock Exchange, below its offer price of 1,960 rupees, and traded down 4% at 1,882.10 rupees by 12.48 p.m. (Hanoi time), giving the company a valuation of 1.53 trillion rupees ($18.2 billion).

    Hyundai, India’s No. 2 carmaker with a market share of 15%, was targeting a valuation of $19 billion through the IPO.

    Its record $3.3-billion IPO was oversubscribed more than two-fold last week, led largely by institutional investors, but pricing concerns deterred retail investors who worried they would not be able to make gains on the listing.

    Shares of Indian rivals have also slipped in recent weeks as car sales slow after two years of record highs, with customers delaying purchases on worries about stubborn inflation.

    “Hyundai’s issue has been stiffly priced and that seems to be weighing down on its listing as well,” said Arun Kejriwal, founder of Kejriwal Research.

    “Besides, the volumes seen so far are driven only by institutional investors, and is rather poor for an IPO of Hyundai’s size.”

    Tuesday’s listing in Mumbai is Hyundai Motor’s first debut outside its home market of South Korea and comes at a time when India’s equity markets have risen sharply.

    With competition from domestic rivals Tata Motors and Mahindra & Mahindra, Hyundai Motor plans to use proceeds from its sale of a stake of 17.5% in the Indian unit to invest in research and launch new products.

    “Hyundai Motor will play a crucial role in Hyundai Motor India’s long-term growth through our collaboration in R&D, design, manufacturing,” the Korean automaker’s CEO, Jaehoon Chang, said at a listing ceremony in Mumbai.

    Seven of India’s 10 largest IPOs, including Hyundai India, reported listing day losses ranging from 5% to 27%, according to data from Dealogic.

    While Hyundai’s market valuation is much smaller than Indian market leader Maruti Suzuki’s $45 billion, analysts have expressed concerns over the narrower gap in their price-to-earnings (P/E) ratios.

    The issue had valued Hyundai at 26 times its fiscal 2024 earnings, not far off the multiple of 29 for Maruti.

    Some major brokerages, however, see long-term value in the stock.

    Nomura started coverage of Hyundai with a “buy” rating and price target of 2,472 rupees. The brokerage said it liked Hyundai’s high concentration of SUVs in the portfolio, which accounted for 67% of sales in the April-to-June 2024 quarter.

    Similarly, Macquarie analysts began coverage with an “outperform” rating and price target of 2,235 rupees, saying Hyundai’s SUV-centric portfolio commanded a P/E premium.

    “We shall leverage our deep understanding of consumer preferences to successfully expand our passenger vehicle portfolio,” Hyundai India’s chief operating officer Tarun Garg said at the listing ceremony.

    Shares of Maruti and Tata Motors were down 1%, in line with the Nifty Auto index.

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  • Hyundai automobile sales in Vietnam increased by 5.5% in March

    Hyundai automobile sales in Vietnam increased by 5.5% in March

    Thanh Cong Group (TC Group) on April 11 announced its sales results for March with over 5,770 Hyundai automobiles sold in Vietnam last month, up 5.5% over February.

    Hyundai Accent continues to be the best-seller model in March with 1,355 units delivered to customers, followed by Hyundai Creta with 1,035 units – equal to the level a month earlier, and Hyundai Grand i10 with 664 units.

    Over 640 Hyundai Stargazer were sold last month, 2.5 times higher than February’s. The TC Group recorded sales of 514 Hyundai Santa Fe units, equivalent to the previous month Hyundai Tucson of 307, up 54.2% compared to February.

    Hyundai commercial models achieved sales of 1,016 vehicles in March, an increase of 42.1% compared to February 2023.

    In the first quarter of 2023, Hyundai-branded models achieved sales of 14,736 units, down 21.1% compared to the same period last year.

    TC Group expects higher sales in the second quarter of this year, explaining that the demand will increase thanks to the peak tourism season with greater travel demand.

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  • Hyundai distributor reports revenue of $5B

    Hyundai distributor reports revenue of $5B

    Thanh Cong, distributor of South Korea’s Hyundai automobiles in Vietnam, recorded a revenue of VND118 trillion ($5 billion) last year, an increase of 15.6% over 2021.

    The Thanh Cong Group sold more than 81,500 Hyundai automobiles of all kinds during the year, accounting for some 16% of the country’s total automobile sales in 2022.

    Late last year Thanh Cong inaugurated its second Hyundai automobile plant in Vietnam in the northern province of Ninh Binh, with a designed capacity of 100,000 vehicles per year. It is expected to only assemble the Hyundai Ionic 5 electric vehicle at the plant this year.

    Established in 1999 as a manufacturer, Thanh Cong has now become a multi-industry firm, mainly operating in the spheres of automobiles, services and real estate.

    Other automobile distributors in Vietnam also reported big revenues or profits last year.

    Selling some 130,000 vehicles of all kinds, Truong Hai Auto Corporation (THACO), the local assembler and distributor of brands such as Kia, Mazda and Peugeot achieved a consolidated revenue of more than VND100 trillion, nearly doubling its revenues for 2021.

    Haxaco, the distributor of Mercedes cars, posted a record after-tax profit of some VND245 billion, up 1.5 times over 2021.

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  • Hyundai conquers Vietnam’s city car market

    Hyundai conquers Vietnam’s city car market

    South Korea’s Hyundai dominated Vietnam’s small urban car market last year after Vietnamese and Japanese manufacturers stopped selling A-segment models.

    The European Commission defines the A-segment as city cars, the smallest category of passenger cars.

    Last year in Vietnam, Hyundai sold 10,752 units of its i10 model, while local Vietnamese manufacturer VinFast sold 10,661 Fadils, its most popular model.

    The Fadil was Vietnam’s best-selling car in 2021. And it was 2022’s best-selling car through the first half of the year as well, before VinFast took it off the market in mid-July as part of the company’s transition towards manufacturing only electric vehicles. VinFast no longer makes fossil-fuel cars.

    The 2022 car market in Vietnam also saw Kia sell 3,979 of its Morning models, while 1,953 Honda Brios and 488 Toyota Wigos were also sold in the country.

    The two Japanese models on the list, Brio and Wigo, were also taken off the market in the second half of last year because their engines did not meet the Euro 5 emission standards required by the Vietnamese government.

    Brio had been on the Vietnamese market for more than 3 years, but the model hadn’t changed since a facelift in 2020. It is scheduled to go on sale in Vietnam again later this year.

    VinFast plans to replace the Fadil with a small electric CUV model called the VF 5. It will cost VND458 million ($19,407), excluding the battery, and deliveries will begin in April.

    Imported Japanese models such as Wigo and Brio have a brand advantage, but their prices are higher than South Korean models assembled in Vietnam.

    In the A-segment, customers are often interested in low initial investment costs and various new version options. Both the Hyundai i10 and Kia Morning meet both of those expectations.

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  • Hyundai, SK To Build New Battery Plant In Georgia

    Hyundai, SK To Build New Battery Plant In Georgia

    Hyundai Motor Group and SK On said Thursday they will build a new battery manufacturing plant in the U.S. state of Georgia to supply the Korean automaker’s U.S. assembly plants.

    Hyundai Motor Group and SK On, the lithium-ion battery subsidiary branch of SK Innovation, recently signed a memorandum of understanding (MOU) for a new EV battery manufacturing facility with details of the partnership still in development, the companies said.

    The companies aim to begin operations in 2025 and said “stakeholders estimate it will create more than 3,500 new jobs through approximately $4-5 billion of investment” in Georgia’s Bartow County. Hyundai separately broke ground in October on a $5.54 billion electric vehicle (EV) and battery plant in Georgia’s Bryan County.

    SK Innovation opened a $2.6-billion battery plant in Commerce, Georgia, in January that is producing batteries for the Ford F-150 EV.

    Hyundai and SK did not immediately say how much they plan to invest in the battery plant. Automakers and battery companies are building battery assembly plants across the United States as the industry shifts to electric vehicles.

    Hyundai, Kia and the South Korean government are heavily lobbying the Biden administration to ease new rules that in August immediately made all EVs assembled outside North America ineligible for $7,500 tax credits — including the Korean automakers’ EVs.

    The South Korean government on Tuesday urged Treasury “interpret ‘commercial clean vehicles’ broadly” to include rental cars, leased vehicles and vehicles purchased for use in Uber or Lyft rideshare fleets.

    Georgia Governor Brian Kemp told Reuters in October the EV tax credit rules should be changed to ensure Hyundai and Kia vehicles can qualify for the credit as it works to complete its EV assembly plant in the state.

    Kemp criticized the $430 billion climate bill approved in August that rewrote the tax credit rules.

    “It was targeted to help a lot of union-based suppliers that are in the United States,” Kemp said.

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  • Hyundai inaugurates 100,000-car plant in Vietnam

    Hyundai inaugurates 100,000-car plant in Vietnam

    Hyundai Motor has inaugurated its second plant in Vietnam with a capacity of 100,000 automobiles per year.

    Covering an area of over 50 hectares in the northern Ninh Binh Province, the new plant will turn out eco-friendly and fuel-saving vehicles, said Thanh Cong chairman Nguyen Anh Tuan.

    Hyundai entered the Vietnamese market in 2009 through a joint venture with local conglomerate Thanh Cong Group. It imports parts for local assembly in what are known as knock-down kits.

    The plant will increase Hyundai’s Vietnamese production capacity to 170,000 vehicles a year when it becomes fully operational, likely in 2025.

    The South Korean automaker has invested nearly VND12.3 trillion (roughly $496 million) in Ninh Binh province.

    In the first 10 months, 397,457 cars were sold and auto sales could exceed 400,000 for the first time in eight years, according to the Vietnam Automobile Manufacturers Association (VAMA).