Hyundai Motor Group’s Chairman Mong-Koo Chung met with India’s Prime Minister Narendra Modi to exchange ideas on Korea-India’s auto industry’s cooperation and mutual development. Narendra Modi has promoted market-friendly policies to boost growth in India’s economy.
Mong-Koo Chung says that Hyundai Motor’s Chennai plant is a symbol of Korea-India economic cooperation and that the car maker thanks the Indian government for its support in Hyundai Motor’s growth in the Indian Market. Chung also hopes that Hyundai Motor Group will be able to continue its cooperation with India in other areas such as construction and railway to play a more meaningful role in Korea-India’s mutual economic development.
Hyundai Motor, in its first year in the market, ranked second among the car brands in India. It continued to launch models specifically targeting India and now leads the market by selling 400,000 vehicles annually. The Indian plant can currently produce up to 650,000 units operating on three shifts and improving the UPH (unit per hour) within its two plants.
In the auto component business, Hyundai Motor is helping its business partners in its expansion into the Indian market. Currently, 71 component suppliers including 42 1st tier suppliers have expanded into the Indian market along with the Hyundai Motor and continuing its growth in the market. As the auto industry output continues to increase Hyundai Motor will support its component suppliers to attain business with other global auto companies in India.
Hyundai Motor Group started its railway business in India with Hyundai Rotem securing its first order in 2001. By securing subsequent orders such as Bangalore and Hyderabad metro deals, Hyundai Motor Group has the largest market share in India’s EMU market. In the construction business alone, Hyundai Motor Group has successfully secured business in bridges, harbors, and power plants. Hyundai Motor Group is aiming to expand its business as the Indian government is actively investing in infrastructure projects.