Hyundai Motor India Lists in Country's Largest IPO, Plans EV Investment

Mumbai, India - Hyundai Motor India Ltd (HMIL) (HYMOT.NS), the Indian subsidiary of South Korea's Hyundai Motor Company (005380. KS), launched India's largest-ever initial public offering, announcing plans to expand its electric vehicle production and strengthen local manufacturing capabilities.

Following the IPO, the company plans to increase investments in new products and advanced technologies, focusing on localizing its electric vehicle supply network, including battery systems and cells.

Executive Chair Euisun Chung, speaking at the listing ceremony at the National Stock Exchange in Mumbai, emphasized the company's commitment to the Indian market. 

"We knew that India was the future. That is why we continuously increased investments, expanded our R&D capabilities, and created more than 250,000 jobs," Chung said.

The automaker will develop local EV infrastructure across India as part of its strategy to pioneer future technology in the country. 

The initiative includes localizing the production of batteries, cells, and drive systems.

According to Chung, the company's expansion strategy encompasses enhanced corporate governance measures and increased transparency in operations.

"As we move forward, HMIL will continue to embrace the highest standards in governance," he stated.

Since entering India in 1996, Hyundai has maintained a significant presence in the country's automotive sector.