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. This was
stated in a press release issued by Hyundai Motor India.
Chairman Chung mentioned, “Hyundai Motor’s
Chennai plant is a symbol of Korea-India economic cooperation and I thank the
Indian government for its support in Hyundai Motor’s growth in the Indian
Chairman Chung commented “I hope in the future
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.”
Modi replied “It is a great pleasure to meet
with Chairman Chung. Hyundai Motor plays a key role in India’s auto industry.
India will actively seek possible ways to continue its cooperation with Hyundai
Motor. I hope Hyundai Motor will become a leading global company through its
success in India.”
Hyundai Motor, in its first year in the
market, ranked second among the car brands in India. It continued to launch strategic
models specifically targeting India and now leads the market by selling 400,000
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.
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.
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 tier I 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, the release added.