Hyundai Motor Company believes that there is immense growth and opportunity in the Indian market going ahead, said Tarun Garg, chief operating officer at Hyundai Motor India in a media interaction. The company's listing and setting up of a new plant in Pune is a result of the country's future growth, he said.
Garg said that India is outpacing other economies in terms of automotive industry growth. "Post-COVID, India regained its pre-pandemic volumes by 2022, and 2023 has seen further growth beyond that. Many countries are still struggling to reach pre-COVID levels," he added.
Garg said that the company is not bothered of the near-term pressures in the automobile industry, as Indian growth story is robust and the market rebounds back quickly.
The Korean automobile company plans to launch three-to-four electric vehicles (EVs) moving ahead. Not just EV models but it also plans to put up a strong EV charging infrastructure with AC and DC charging, said Garg.
Garg narrated a study, which showed that 85 percent of EV customers charge their vehicles at home or office but are hesitant to take their vehicles on highways. "Currently we have 17 charging stations on highways and we plan to put up more DC charging stations on highways and prominent areas," Garg said.
Garg also mentioned about localizing the entire EV supply chain which would in-turn help Hyundai Motor India get a good market shares in the EV space.
Hyundai Motor India shares made a weak debut on the exchanges on October 22 after listing at 1.32 percent discount at Rs 1,934 against its initial public offer (IPO) price Rs 1,960 on the National Stock Exchange. At 2.50 pm, the stock was down 6.83 percent at Rs 1,826.2 on the NSE.
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