Hyundai Motor Company is set to invest 1 billion baht (USD 28 million) to establish a new facility in Thailand dedicated to assembling electric vehicles (EVs) and batteries, according to a statement from the country’s Board of Investment (BOI) on Wednesday.

The new Hyundai plant, located just southeast of Bangkok, is scheduled to begin production in 2026. This investment underscores Hyundai's commitment to expanding its presence in Thailand's burgeoning EV sector, which has seen significant growth and is currently dominated by Chinese manufacturers such as BYD and Great Wall Motors. These companies have utilised Thailand as a strategic manufacturing base for exporting vehicles throughout Southeast Asia.

BOI Secretary General Narit Therdsteerasukdi highlighted that Hyundai's investment will benefit from Thailand’s robust supply chain. "Hyundai will be able to source at least a third of its raw materials and parts locally, thereby supporting the Thai industry," Therdsteerasukdi said.

The electric vehicle market in Southeast Asia is experiencing rapid growth, with BYD leading the charge and capturing a significant portion of the market traditionally dominated by internal combustion engine vehicles from Japanese and Korean automakers.

Thailand, which is the largest auto manufacturing hub in the region, represented 55% of Southeast Asia's EV sales in the first quarter of this year, according to Counterpoint Research. Hyundai’s new facility is expected to further bolster the country’s position as a key player in the EV industry and contribute to the growth of the local automotive sector.

Hyundai Motor Company is set to invest 1 billion baht (USD 28 million) to establish a new facility in Thailand dedicated to assembling electric vehicles (EVs) and batteries, according to a statement from the country’s Board of Investment (BOI) on Wednesday.

Hyundai Motor Company is set to invest 1 billion baht (USD 28 million) to establish a new facility in Thailand dedicated to assembling electric vehicles (EVs) and batteries, according to a statement from the country’s Board of Investment (BOI) on Wednesday. The new Hyundai plant, located just southeast of Bangkok, is scheduled to begin production in 2026. This investment underscores Hyundai's commitment to expanding its presence in Thailand's burgeoning EV sector, which has seen significant growth and is currently dominated by Chinese manufacturers such as BYD and Great Wall Motors. These companies have utilised Thailand as a strategic manufacturing base for exporting vehicles throughout Southeast Asia. BOI Secretary General Narit Therdsteerasukdi highlighted that Hyundai's investment will benefit from Thailand’s robust supply chain. "Hyundai will be able to source at least a third of its raw materials and parts locally, thereby supporting the Thai industry," Therdsteerasukdi said. The electric vehicle market in Southeast Asia is experiencing rapid growth, with BYD leading the charge and capturing a significant portion of the market traditionally dominated by internal combustion engine vehicles from Japanese and Korean automakers. Thailand, which is the largest auto manufacturing hub in the region, represented 55% of Southeast Asia's EV sales in the first quarter of this year, according to Counterpoint Research. Hyundai’s new facility is expected to further bolster the country’s position as a key player in the EV industry and contribute to the growth of the local automotive sector.

Hyundai to invest USD 28 million in Thai electric vehicle assembly and battery facility

Hyundai Motor India Limited (HMIL) has signed and MoU with Charge Zone to further strengthen its EV story in India. This strategic collaboration will involve Charge Zone deploying the DC 60 kW fast chargers across 100 dealerships of HMIL across the country. The MoU signing took place at HMIL’s corporate office in Gurugram, Haryana in the presence of the Function Head, Jae Wan Ryu from HMIL and Kartikey Hariyani, the Founder and CEO of Charge Zone.

The main goals of the initiative are to increase the density of the charging stations readily available to the public and provide them with improved possibilities for travel between and within cities. During the interview with Ryu, the latter stated that one of the critical factors to tackle range anxiety and drive the adoption of electric mobility in India is a charging network. He underlined that this means the greater network of fast Charger which also can be used by all car owners using the 'myHyundai' or 'Charge Zone' application.

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Hariyani reaffirmed Charge Zone’s adoption of renewable energy-based EV charging solutions that the company has deployed in India. At the moment, HMIL has 19 dealers selling both cars and the DC 60 kW public EV charger, and intends to increase its charging points to 100 stations across the country through this collaboration. The emphasis shall continue to be on charging convenience and charge effectiveness backed by a sound and efficient round the clock customer support system.

Other chargers in the HMIL’s strategic investment are DC 180 kW and DC 60 kW chargers, beyond dealership outlets; 15 more fast charging points strategically located in India’s cities and highways under consideration. The company has introduced a Charging Management System (CMS) section called ‘EV Charge’ inside the application ‘myHyundai’ for EV customers and direct access to charging points, slot bookings, remote monitoring, and online payment options for clients across all OEM brands.

Integration of the charger network of Charge Zone into the ‘EV Charge’ is beneficial to the HMIL customer base as the various CPO chargers are all accessed from a single window. This partnership is formed with the purpose of establishing fast-track charge point network in India, in turn helping the country in its journey towards electrification and zero-emissions target, while also improving ease for e-mobility users across the country.

Hyundai Motor India Limited (HMIL) has signed and MoU with Charge Zone to further strengthen its EV story in India. This strategic collaboration will involve Charge Zone deploying the DC 60 kW fast chargers across 100 dealerships of HMIL across the country.

Hyundai Motor India Limited (HMIL) has signed and MoU with Charge Zone to further strengthen its EV story in India. This strategic collaboration will involve Charge Zone deploying the DC 60 kW fast chargers across 100 dealerships of HMIL across the country. The MoU signing took place at HMIL’s corporate office in Gurugram, Haryana in the presence of the Function Head, Jae Wan Ryu from HMIL and Kartikey Hariyani, the Founder and CEO of Charge Zone. The main goals of the initiative are to increase the density of the charging stations readily available to the public and provide them with improved possibilities for travel between and within cities. During the interview with Ryu, the latter stated that one of the critical factors to tackle range anxiety and drive the adoption of electric mobility in India is a charging network. He underlined that this means the greater network of fast Charger which also can be used by all car owners using the 'myHyundai' or 'Charge Zone' application. Also Read: Porsche cuts forecasts due to alloy shortage, shares fall Hariyani reaffirmed Charge Zone’s adoption of renewable energy-based EV charging solutions that the company has deployed in India. At the moment, HMIL has 19 dealers selling both cars and the DC 60 kW public EV charger, and intends to increase its charging points to 100 stations across the country through this collaboration. The emphasis shall continue to be on charging convenience and charge effectiveness backed by a sound and efficient round the clock customer support system. Other chargers in the HMIL’s strategic investment are DC 180 kW and DC 60 kW chargers, beyond dealership outlets; 15 more fast charging points strategically located in India’s cities and highways under consideration. The company has introduced a Charging Management System (CMS) section called ‘EV Charge’ inside the application ‘myHyundai’ for EV customers and direct access to charging points, slot bookings, remote monitoring, and online payment options for clients across all OEM brands. Integration of the charger network of Charge Zone into the ‘EV Charge’ is beneficial to the HMIL customer base as the various CPO chargers are all accessed from a single window. This partnership is formed with the purpose of establishing fast-track charge point network in India, in turn helping the country in its journey towards electrification and zero-emissions target, while also improving ease for e-mobility users across the country.

Hyundai India partners Charge Zone to install high speed EV chargers at its dealerships

In a significant move towards sustainable transportation, Hyundai Motor India Limited (HMIL) has introduced the EXTER Hy-CNG Duo, a sporty entry SUV, at a starting price of INR 8,50,300. This&nbsp;vehicle, equipped with dual cylinder CNG technology, marks Hyundai's ongoing commitment to providing eco-friendly mobility solutions in India.

Why the EXTER Hy-CNG Duo?

The launch of the EXTER &nbsp;Hy-CNG Duo addresses the growing demand for environmentally conscious vehicles that do not compromise on performance. By offering a bi-fuel option, Hyundai aims to cater to customers seeking high fuel efficiency and practical utility. The dual cylinder CNG setup ensures that the vehicle offers an impressive balance of power, efficiency, and ample boot space, making it an ideal choice for travel enthusiasts and city commuters alike.

"Hyundai Motor India Limited is committed to providing sustainable and innovative mobility solutions," said Mr. Tarun Garg, Director of Sales, Marketing &amp; Service at Hyundai Motor India Limited. "With high fuel efficiency, ample boot space, and versatile offerings, we are confident that the EXTER &nbsp;Hy-CNG Duo will appeal to customers looking for a reliable and efficient vehicle that helps reduce their carbon footprint and also fulfils their desire for exploration."

Power and Efficiency

The EXTER &nbsp;Hy-CNG Duo is powered by a 1.2-litre Bi-Fuel (Petrol with CNG) engine, paired with a 5-speed manual transmission. This combination delivers an impressive fuel efficiency of 27.1 km/kg, as tested by the Automotive Research Association of India (ARAI). The vehicle's dual cylinder setup allows for seamless switching between petrol and CNG, providing a smooth and efficient driving experience.

Advanced Features for Modern Drivers

Hyundai has equipped the EXTER &nbsp;Hy-CNG Duo with a host of modern features designed to enhance the driving experience. These include a smart electric sunroof, LED daytime running lights (DRLs), LED tail lamps, and fully automatic temperature control (FATC). Additionally, the SUV boasts a 20.32 cm touchscreen infotainment system, ensuring that drivers and passengers remain connected and entertained on the go.

Safety and Practicality

Safety is a paramount concern for Hyundai, and the EXTER &nbsp;Hy-CNG Duo reflects this with its array of advanced safety features. The SUV comes with six airbags, a tyre pressure monitoring system (TPMS) highline, electronic stability control (ESC), and hill-start assist control (HAC). These features provide peace of mind to drivers and passengers alike, ensuring a safe and secure journey.

The EXTER &nbsp;Hy-CNG Duo also maximises practicality with its ample boot space, catering to the needs of travellers and daily commuters. Hyundai has engineered the vehicle to deliver smart mobility experiences, aligning with the evolving aspirations of Gen Z customers. Since its launch in 2023, the Hyundai EXTER &nbsp;has received a phenomenal response, selling over 93,000 units to date.

Dual Cylinder Advantage

Alongside the EXTER &nbsp;Hy-CNG Duo, Hyundai will also offer the EXTER &nbsp;Hy-CNG (Single Cylinder) to provide customers with more choices. The dual cylinder variant, however, stands out for its enhanced fuel capacity and longer driving range, making it an attractive option for those who prioritise efficiency and convenience.

Hyundai's Vision for the Future

With the EXTER &nbsp;Hy-CNG Duo, Hyundai continues to demonstrate its vision of leading the industry through innovation in automotive technology. The vehicle reflects Hyundai's commitment to democratising smart mobility experiences and promoting sustainable transportation. By integrating advanced technologies and eco-friendly features, Hyundai aims to meet the needs of modern consumers while contributing to a greener future.

In a significant move towards sustainable transportation, Hyundai Motor India Limited (HMIL) has introduced the EXTER Hy-CNG Duo, a sporty entry SUV, at a starting price of INR 8,50,300.

In a significant move towards sustainable transportation, Hyundai Motor India Limited (HMIL) has introduced the EXTER Hy-CNG Duo, a sporty entry SUV, at a starting price of INR 8,50,300. This vehicle, equipped with dual cylinder CNG technology, marks Hyundai's ongoing commitment to providing eco-friendly mobility solutions in India. Why the EXTER Hy-CNG Duo? The launch of the EXTER Hy-CNG Duo addresses the growing demand for environmentally conscious vehicles that do not compromise on performance. By offering a bi-fuel option, Hyundai aims to cater to customers seeking high fuel efficiency and practical utility. The dual cylinder CNG setup ensures that the vehicle offers an impressive balance of power, efficiency, and ample boot space, making it an ideal choice for travel enthusiasts and city commuters alike. "Hyundai Motor India Limited is committed to providing sustainable and innovative mobility solutions," said Mr. Tarun Garg, Director of Sales, Marketing & Service at Hyundai Motor India Limited. "With high fuel efficiency, ample boot space, and versatile offerings, we are confident that the EXTER Hy-CNG Duo will appeal to customers looking for a reliable and efficient vehicle that helps reduce their carbon footprint and also fulfils their desire for exploration." Power and Efficiency The EXTER Hy-CNG Duo is powered by a 1.2-litre Bi-Fuel (Petrol with CNG) engine, paired with a 5-speed manual transmission. This combination delivers an impressive fuel efficiency of 27.1 km/kg, as tested by the Automotive Research Association of India (ARAI). The vehicle's dual cylinder setup allows for seamless switching between petrol and CNG, providing a smooth and efficient driving experience. Advanced Features for Modern Drivers Hyundai has equipped the EXTER Hy-CNG Duo with a host of modern features designed to enhance the driving experience. These include a smart electric sunroof, LED daytime running lights (DRLs), LED tail lamps, and fully automatic temperature control (FATC). Additionally, the SUV boasts a 20.32 cm touchscreen infotainment system, ensuring that drivers and passengers remain connected and entertained on the go. Safety and Practicality Safety is a paramount concern for Hyundai, and the EXTER Hy-CNG Duo reflects this with its array of advanced safety features. The SUV comes with six airbags, a tyre pressure monitoring system (TPMS) highline, electronic stability control (ESC), and hill-start assist control (HAC). These features provide peace of mind to drivers and passengers alike, ensuring a safe and secure journey. The EXTER Hy-CNG Duo also maximises practicality with its ample boot space, catering to the needs of travellers and daily commuters. Hyundai has engineered the vehicle to deliver smart mobility experiences, aligning with the evolving aspirations of Gen Z customers. Since its launch in 2023, the Hyundai EXTER has received a phenomenal response, selling over 93,000 units to date. Dual Cylinder Advantage Alongside the EXTER Hy-CNG Duo, Hyundai will also offer the EXTER Hy-CNG (Single Cylinder) to provide customers with more choices. The dual cylinder variant, however, stands out for its enhanced fuel capacity and longer driving range, making it an attractive option for those who prioritise efficiency and convenience. Hyundai's Vision for the Future With the EXTER Hy-CNG Duo, Hyundai continues to demonstrate its vision of leading the industry through innovation in automotive technology. The vehicle reflects Hyundai's commitment to democratising smart mobility experiences and promoting sustainable transportation. By integrating advanced technologies and eco-friendly features, Hyundai aims to meet the needs of modern consumers while contributing to a greener future.

Hyundai launches Exter with dual cylinder CNG at INR 8.50 Lakh

In a significant move, Hyundai has confirmed the launch of its first three-row electric SUV for the US market. This eagerly anticipated vehicle will debut later this year, marking a pivotal moment in Hyundai’s electric vehicle (EV) strategy. The new SUV will be introduced alongside an updated version of the IONIQ 5, part of Hyundai’s 2025 lineup.

Hyundai's Growing Footprint in the US EV Market

Hyundai is already making substantial strides as the US accelerates its shift towards electric vehicles. The company reported a 15% increase in EV sales in the second quarter, indicating it has found its “sweet spot” in the market. Hyundai’s IONIQ 5 and IONIQ 6 models set new sales records during this period, showcasing the brand’s growing influence.

Randy Parker, CEO of Hyundai Motor America, expressed optimism about the future, stating, "We feel pretty bullish about the second half of 2024." This confidence is backed by Hyundai’s plan to introduce several key models next year, maintaining its momentum in the competitive EV landscape.

The New Three-Row Electric SUV: What to Expect

The new three-row electric SUV has been anticipated for some time, but Hyundai’s recent announcement marks the first official confirmation of its release date. The SUV will debut globally later this year. While the “SEVEN” concept was introduced in 2021, recent reports suggest the production model may be named the IONIQ 9.

This new electric SUV has been spotted testing in various locations, including California. Early reports indicate it features a less boxy design compared to Kia’s EV9. Like Hyundai’s other dedicated EVs, the three-row SUV will be built on the E-GMP platform, promising a range of over 300 miles, fast charging capabilities in under 20 minutes, and advanced software features.

Updated IONIQ 5 for 2025: Enhanced Performance and Design

In addition to the new SUV, Hyundai is also preparing to launch an updated version of the IONIQ 5 for 2025. While official details will be revealed later this summer, insights from the model already launched in Korea provide a glimpse of what to expect. The refreshed IONIQ 5 in Korea features a larger 84 kWh battery, an increase from the previous 77.4 kWh, extending the range from 458 km (285 miles) to 485 km (301 miles).

The updated IONIQ 5 also boasts a sleeker design and an added rear wiper. Charging times have improved as well, with the vehicle able to charge from 10% to 80% in under 18 minute

Hyundai’s global chief operating officer, Jose Munoz, confirmed that the 2025 IONIQ 5 would be the first model produced at Hyundai’s new $7.6 billion EV plant in Georgia. Vehicles built at this facility are expected to qualify for the $7,500 federal tax credit, making them more accessible to American consumers.

Hyundai’s Vision for a Sustainable Future

Hyundai’s rapid expansion in the EV market is part of a broader strategy to lead in sustainable mobility. The launch of the three-row electric SUV and the updated IONIQ 5 reflect Hyundai’s commitment to innovation and environmental responsibility.

By leveraging its E-GMP platform, Hyundai aims to offer vehicles with impressive range, quick charging times, and cutting-edge technology. This approach not only enhances the driving experience but also addresses the growing demand for eco-friendly transportation.

Hyundai’s Bold Steps in the EV Era

Hyundai’s announcement of its first three-row electric SUV and the updated IONIQ 5 underscores the company’s aggressive push into the electric vehicle market. With substantial investments in technology and infrastructure, Hyundai is well-positioned to meet the rising demand for EVs in the US.

The new models promise to deliver superior performance, extended range, and faster charging times, setting new benchmarks in the industry. As Hyundai continues to innovate and expand its EV lineup, it is poised to play a significant role in shaping the future of sustainable transportation.

In a significant move, Hyundai has confirmed the launch of its first three-row electric SUV for the US market. This eagerly anticipated vehicle will debut later this year, marking a pivotal moment in Hyundai’s electric vehicle (EV) strategy.

In a significant move, Hyundai has confirmed the launch of its first three-row electric SUV for the US market. This eagerly anticipated vehicle will debut later this year, marking a pivotal moment in Hyundai’s electric vehicle (EV) strategy. The new SUV will be introduced alongside an updated version of the IONIQ 5, part of Hyundai’s 2025 lineup. Hyundai's Growing Footprint in the US EV Market Hyundai is already making substantial strides as the US accelerates its shift towards electric vehicles. The company reported a 15% increase in EV sales in the second quarter, indicating it has found its “sweet spot” in the market. Hyundai’s IONIQ 5 and IONIQ 6 models set new sales records during this period, showcasing the brand’s growing influence. Randy Parker, CEO of Hyundai Motor America, expressed optimism about the future, stating, "We feel pretty bullish about the second half of 2024." This confidence is backed by Hyundai’s plan to introduce several key models next year, maintaining its momentum in the competitive EV landscape. The New Three-Row Electric SUV: What to Expect The new three-row electric SUV has been anticipated for some time, but Hyundai’s recent announcement marks the first official confirmation of its release date. The SUV will debut globally later this year. While the “SEVEN” concept was introduced in 2021, recent reports suggest the production model may be named the IONIQ 9. This new electric SUV has been spotted testing in various locations, including California. Early reports indicate it features a less boxy design compared to Kia’s EV9. Like Hyundai’s other dedicated EVs, the three-row SUV will be built on the E-GMP platform, promising a range of over 300 miles, fast charging capabilities in under 20 minutes, and advanced software features. Updated IONIQ 5 for 2025: Enhanced Performance and Design In addition to the new SUV, Hyundai is also preparing to launch an updated version of the IONIQ 5 for 2025. While official details will be revealed later this summer, insights from the model already launched in Korea provide a glimpse of what to expect. The refreshed IONIQ 5 in Korea features a larger 84 kWh battery, an increase from the previous 77.4 kWh, extending the range from 458 km (285 miles) to 485 km (301 miles). The updated IONIQ 5 also boasts a sleeker design and an added rear wiper. Charging times have improved as well, with the vehicle able to charge from 10% to 80% in under 18 minute Hyundai’s global chief operating officer, Jose Munoz, confirmed that the 2025 IONIQ 5 would be the first model produced at Hyundai’s new $7.6 billion EV plant in Georgia. Vehicles built at this facility are expected to qualify for the $7,500 federal tax credit, making them more accessible to American consumers. Hyundai’s Vision for a Sustainable Future Hyundai’s rapid expansion in the EV market is part of a broader strategy to lead in sustainable mobility. The launch of the three-row electric SUV and the updated IONIQ 5 reflect Hyundai’s commitment to innovation and environmental responsibility. By leveraging its E-GMP platform, Hyundai aims to offer vehicles with impressive range, quick charging times, and cutting-edge technology. This approach not only enhances the driving experience but also addresses the growing demand for eco-friendly transportation. Hyundai’s Bold Steps in the EV Era Hyundai’s announcement of its first three-row electric SUV and the updated IONIQ 5 underscores the company’s aggressive push into the electric vehicle market. With substantial investments in technology and infrastructure, Hyundai is well-positioned to meet the rising demand for EVs in the US. The new models promise to deliver superior performance, extended range, and faster charging times, setting new benchmarks in the industry. As Hyundai continues to innovate and expand its EV lineup, it is poised to play a significant role in shaping the future of sustainable transportation.

Hyundai to launch first three row electric SUV in US

Hyundai Motor India Limited (HMIL) today unveiled a specially wrapped IONIQ 5 at the 17th India Couture Week (ICW) 2024. The unveiling marks a unique collaboration between the automotive giant and celebrated fashion designers Falguni Shane Peacock, setting the stage for the electric vehicle's runway debut at the event's grand finale.

This year's showcase represents HMIL's second consecutive partnership with the Fashion Design Council of India (FDCI) for the prestigious ICW. The collaboration aims to bridge the gap between cutting-edge automotive design and the world of haute couture, offering attendees a visual spectacle that combines innovation with artistry.

Tarun Garg, Chief Operating Officer of HMIL, expressed enthusiasm about the partnership, stating, "Our collaboration with Falguni Shane Peacock, who bring two decades of experience in creating timeless designs, exemplifies our dedication to supporting artisans and celebrating India's rich cultural heritage. This aligns perfectly with our parent company's vision of 'Progress for Humanity'."

The specially wrapped IONIQ 5 is set to be a centrepiece of the event, showcasing how automotive design can be elevated to an art form. The vehicle's appearance on the runway promises to be a highlight of the week-long fashion extravaganza.

Designers Falguni Shane Peacock shared insights into their collection for ICW 2024, which draws inspiration from India's rich heritage and mythology. "Our designs celebrate the essence of India's cultural legacy," they explained. "We've incorporated motifs, colours, and textiles deeply rooted in Indian tradition, including luxurious silks and intricate threadwork."

The designers also highlighted their collaboration with Swadesh, an organisation committed to preserving Indian handcrafted art. This partnership has allowed them to incorporate traditional fabrics into their designs, further emphasising the blend of heritage and contemporary style that characterises their work.

Sunil Sethi, Chairman of FDCI, expressed his excitement about the continued partnership with HMIL. "This year's event will be even more spectacular, with Falguni Shane Peacock as our finale designers," he stated. "The Hyundai India Couture Week 2024 at the Taj Palace is set to be a landmark event in the fashion calendar."

The 17th edition of ICW, scheduled from July 24-31, 2024, at the Taj Palace and Ashoka Hotel in New Delhi, will feature collections from 14 esteemed Indian couturiers. The lineup includes industry stalwarts such as Abu Jani Sandeep Khosla, Amit Aggarwal, Gaurav Gupta Couture, JJ Valaya, Rahul Mishra, and Tarun Tahiliani, among others.

This year's ICW aims to showcase the pinnacle of Indian craftsmanship and design, bringing homegrown luxury to the forefront. The event is expected to attract fashion enthusiasts, industry insiders, and celebrities from across the country.

The collaboration between HMIL and Falguni Shane Peacock represents a bold step in redefining the boundaries between different creative industries. By showcasing the IONIQ 5 in this context, Hyundai is positioning its electric vehicle not just as a mode of transportation, but as a statement of style and innovation. 
&nbsp;

Hyundai Motor India Limited (HMIL) today unveiled a specially wrapped IONIQ 5 at the 17th India Couture Week (ICW) 2024. The unveiling marks a unique collaboration between the automotive giant and celebrated fashion designers Falguni Shane Peacock, setting the stage for the electric vehicle's runway debut at the event's grand finale.

Hyundai Motor India Limited (HMIL) today unveiled a specially wrapped IONIQ 5 at the 17th India Couture Week (ICW) 2024. The unveiling marks a unique collaboration between the automotive giant and celebrated fashion designers Falguni Shane Peacock, setting the stage for the electric vehicle's runway debut at the event's grand finale. This year's showcase represents HMIL's second consecutive partnership with the Fashion Design Council of India (FDCI) for the prestigious ICW. The collaboration aims to bridge the gap between cutting-edge automotive design and the world of haute couture, offering attendees a visual spectacle that combines innovation with artistry. Tarun Garg, Chief Operating Officer of HMIL, expressed enthusiasm about the partnership, stating, "Our collaboration with Falguni Shane Peacock, who bring two decades of experience in creating timeless designs, exemplifies our dedication to supporting artisans and celebrating India's rich cultural heritage. This aligns perfectly with our parent company's vision of 'Progress for Humanity'." The specially wrapped IONIQ 5 is set to be a centrepiece of the event, showcasing how automotive design can be elevated to an art form. The vehicle's appearance on the runway promises to be a highlight of the week-long fashion extravaganza. Designers Falguni Shane Peacock shared insights into their collection for ICW 2024, which draws inspiration from India's rich heritage and mythology. "Our designs celebrate the essence of India's cultural legacy," they explained. "We've incorporated motifs, colours, and textiles deeply rooted in Indian tradition, including luxurious silks and intricate threadwork." The designers also highlighted their collaboration with Swadesh, an organisation committed to preserving Indian handcrafted art. This partnership has allowed them to incorporate traditional fabrics into their designs, further emphasising the blend of heritage and contemporary style that characterises their work. Sunil Sethi, Chairman of FDCI, expressed his excitement about the continued partnership with HMIL. "This year's event will be even more spectacular, with Falguni Shane Peacock as our finale designers," he stated. "The Hyundai India Couture Week 2024 at the Taj Palace is set to be a landmark event in the fashion calendar." The 17th edition of ICW, scheduled from July 24-31, 2024, at the Taj Palace and Ashoka Hotel in New Delhi, will feature collections from 14 esteemed Indian couturiers. The lineup includes industry stalwarts such as Abu Jani Sandeep Khosla, Amit Aggarwal, Gaurav Gupta Couture, JJ Valaya, Rahul Mishra, and Tarun Tahiliani, among others. This year's ICW aims to showcase the pinnacle of Indian craftsmanship and design, bringing homegrown luxury to the forefront. The event is expected to attract fashion enthusiasts, industry insiders, and celebrities from across the country. The collaboration between HMIL and Falguni Shane Peacock represents a bold step in redefining the boundaries between different creative industries. By showcasing the IONIQ 5 in this context, Hyundai is positioning its electric vehicle not just as a mode of transportation, but as a statement of style and innovation.

Hyundai IONIQ 5 set to make runway debut at India Couture Week 2024

Hyundai Motor Co. has said that it has secured a tentative wage deal with a key South Korean union on Monday, preventing the risk of strike in the automaker’s biggest production base. The new deal was arrived at following 46 days of labour negotiations between the car maker and its workers' representatives.

In a statement, Hyundai Motor explained that such a situation has occurred for the sixth consecutive year proving that there were no significant conflict between both parties over the issue. The following are measures that have been put in place to ensure that the agreement has measures that tackles social problems and ensure that it has good relationship with the community.

(Also Read:&nbsp;<a href="https://www.wionews.com/autonews/public-policy-favors-usd-7-billion-fee-award-in-elon-musk-pay-case-739288">Public policy favors USD 7 billion fee award in Elon Musk pay case</a>)

Hyundai’s view of the provisions of the said contract includes the upswing in the basic monthly wage rates of the workers with 111,200 won (USD 80.46). Furthermore, only employees shall enjoy other benefits such as bonuses, incentives, and company stocks. The union has claimed the support of over 43,000 members and forms one of the largest unions in South Korea and clarified that the deal is provisional subject to a ballot which is set for Friday.

Before the current year, the last recorded strike with workers at Hyundai Motor taking part in South Korea was in 2018, and since then, labor unrest has been relatively rare. The agreement simply manifests Hyundai’s good labor relations in the midst of these continued challenges in the auto business worldwide. Through response to wage issues and providing extra incentives, Hyundai plans to maintain efficiency and business operation without interruption at its principal production centers.

Assuming the approval of the union members, the tentative agreement is to make a positive shift in ratification and negotiations of the labor relations within Hyundai as well as across the Korean automobile market.

Hyundai Motor Co. has said that it has secured a tentative wage deal with a key South Korean union on Monday, preventing the risk of strike in the automaker’s biggest production base.

Hyundai Motor Co. has said that it has secured a tentative wage deal with a key South Korean union on Monday, preventing the risk of strike in the automaker’s biggest production base. The new deal was arrived at following 46 days of labour negotiations between the car maker and its workers' representatives. In a statement, Hyundai Motor explained that such a situation has occurred for the sixth consecutive year proving that there were no significant conflict between both parties over the issue. The following are measures that have been put in place to ensure that the agreement has measures that tackles social problems and ensure that it has good relationship with the community. (Also Read: Public policy favors USD 7 billion fee award in Elon Musk pay case) Hyundai’s view of the provisions of the said contract includes the upswing in the basic monthly wage rates of the workers with 111,200 won (USD 80.46). Furthermore, only employees shall enjoy other benefits such as bonuses, incentives, and company stocks. The union has claimed the support of over 43,000 members and forms one of the largest unions in South Korea and clarified that the deal is provisional subject to a ballot which is set for Friday. Before the current year, the last recorded strike with workers at Hyundai Motor taking part in South Korea was in 2018, and since then, labor unrest has been relatively rare. The agreement simply manifests Hyundai’s good labor relations in the midst of these continued challenges in the auto business worldwide. Through response to wage issues and providing extra incentives, Hyundai plans to maintain efficiency and business operation without interruption at its principal production centers. Assuming the approval of the union members, the tentative agreement is to make a positive shift in ratification and negotiations of the labor relations within Hyundai as well as across the Korean automobile market.

Hyundai Motor, South Korea union reach tentative wage deal

Electric Vehicle automakers are witnessing turbulent times as price wars cripple profits. To offset losses, companies are looking to expand to regional markets of Southeast Asia. BYD becomes the latest EV company to open an EV factory in Thailand, marking its first expansion in Southeast Asia. Earlier, South Korea's Hyundai Motor Group and LG Energy Solution inaugurated Indonesia's first battery cell plant for EVs with an annual capacity of 10 Gigawatt hours (GWh) of battery cells.

BYD's EV facility was announced two years ago and is set to have an annual production capacity of 150,000 vehicles. The factory will also be used to assemble batteries and is set to employ around 10,000 workers. CEO and President Wang Chuanfu praised Thailand's auto policies in his comments cited by Reuters. He said, 'Thailand has a clear EV vision and is entering a new era of auto manufacturing. We will bring technology from China to Thailand'.

Chinese EV makers are doubling down on their investments in Thailand. Over $1.44 billion has flown from China to Thailand as automakers take advantage of government subsidies and tax incentives. BYD stocks witnessed a 3.2 per cent surge after the announcement, their biggest intraday jump since June 13.&nbsp;

Thailand is pushing for major EV investments by 2030. The country aims to convert 30 per cent of its annual production into EVs. Japanese car makers like Toyota and Honda have traditionally dominated Thailand's EV landscape. Interestingly, Thailand accounts for the largest overseas market for BYD, commanding a 46 per cent share of the total EV ecosystem in the first quarter. This comes as BYD faces scrutiny over consumer complaints regarding aggressive discounting.

Meanwhile, Hyundai &amp; LG inaugurated Indonesia's first battery cell production plant. Hyundai &amp; LG have committed up to $9.8 billion to Southeast Asia's largest economy. The plan is to set up an EV supply chain in the country and benefit from its rich nickel and copper resources.

Electric Vehicle automakers are witnessing turbulent times as price wars cripple profits. To offset losses, companies are looking to expand to regional markets of Southeast Asia.

Electric Vehicle automakers are witnessing turbulent times as price wars cripple profits. To offset losses, companies are looking to expand to regional markets of Southeast Asia. BYD becomes the latest EV company to open an EV factory in Thailand, marking its first expansion in Southeast Asia. Earlier, South Korea's Hyundai Motor Group and LG Energy Solution inaugurated Indonesia's first battery cell plant for EVs with an annual capacity of 10 Gigawatt hours (GWh) of battery cells. BYD's EV facility was announced two years ago and is set to have an annual production capacity of 150,000 vehicles. The factory will also be used to assemble batteries and is set to employ around 10,000 workers. CEO and President Wang Chuanfu praised Thailand's auto policies in his comments cited by Reuters. He said, 'Thailand has a clear EV vision and is entering a new era of auto manufacturing. We will bring technology from China to Thailand'. Chinese EV makers are doubling down on their investments in Thailand. Over $1.44 billion has flown from China to Thailand as automakers take advantage of government subsidies and tax incentives. BYD stocks witnessed a 3.2 per cent surge after the announcement, their biggest intraday jump since June 13. Thailand is pushing for major EV investments by 2030. The country aims to convert 30 per cent of its annual production into EVs. Japanese car makers like Toyota and Honda have traditionally dominated Thailand's EV landscape. Interestingly, Thailand accounts for the largest overseas market for BYD, commanding a 46 per cent share of the total EV ecosystem in the first quarter. This comes as BYD faces scrutiny over consumer complaints regarding aggressive discounting. Meanwhile, Hyundai & LG inaugurated Indonesia's first battery cell production plant. Hyundai & LG have committed up to $9.8 billion to Southeast Asia's largest economy. The plan is to set up an EV supply chain in the country and benefit from its rich nickel and copper resources.

China's BYD opens first EV factory in Southeast Asia

Hyundai Motor Group and LG Energy Solution (LGES) launched Indonesia's inaugural battery cell production plant for electric vehicles on Wednesday, boasting an annual capacity of 10 Gigawatt hours (GWh). This milestone is part of Hyundai Motor and LGES's commitment to invest up to USD 9.8 billion in Southeast Asia's largest economy, aimed at establishing a robust EV supply chain utilising Indonesia's abundant nickel and copper resources.

"Indonesia's mineral wealth, including nickel and iron, are crucial components for batteries that will power millions of EVs globally," remarked Euisun Chung, Executive Chair of Hyundai Motor Group, during the plant's inauguration.

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The plant is adjacent to Hyundai’s auto production line and will first assemble 50,000 units of Kona Electric SUV per year with locally assembled batteries in Indonesia. There are also plans to conduct the second phase of construction with a further investment of USD 2 billion that would increase the plant's generation capacity by 20 GWh.

In 2021, both companies re-affirmed their partnership for battery cell plant in West Java province that will require an investment of USD 1.1 billion for the production of batteries for more than 150,000 electric vehicles per year.

President Widodo stated that the plant would play a crucial role in defending Indonesia’s position in the global EV supply chain and establishing a processing industry domestically. “This is the first and largest EV battery cell plant in Southeast Asia, and we are so lucky to have abundant nickel resources, bauxite, and copper in Indonesia,” Jokowi stressed during the ribbon cutting.

Indonesia, the largest global nickel producer, decided in 2020 that it would cease exporting raw nickel in a bid to foster the development of local processing facilities. At the event, Indonesia’s Investment Minister Bahlil Lahadalia and South Korea’s Minister for Trade Cheong Inkyo agreed on the cooperation in the field of electric vehicles, petrochemicals, and carbon capture utilization and storage, efforts encompassing clean technologies, such as carbon dioxide capture and storage as mentioned by South Korean trade ministry.

Hyundai Motor Group and LG Energy Solution (LGES) launched Indonesia's inaugural battery cell production plant for electric vehicles on Wednesday, boasting an annual capacity of 10 Gigawatt hours (GWh).

Hyundai Motor Group and LG Energy Solution (LGES) launched Indonesia's inaugural battery cell production plant for electric vehicles on Wednesday, boasting an annual capacity of 10 Gigawatt hours (GWh). This milestone is part of Hyundai Motor and LGES's commitment to invest up to USD 9.8 billion in Southeast Asia's largest economy, aimed at establishing a robust EV supply chain utilising Indonesia's abundant nickel and copper resources. "Indonesia's mineral wealth, including nickel and iron, are crucial components for batteries that will power millions of EVs globally," remarked Euisun Chung, Executive Chair of Hyundai Motor Group, during the plant's inauguration. Also Read: Ferrari launches battery replacement schemes for hybrid models The plant is adjacent to Hyundai’s auto production line and will first assemble 50,000 units of Kona Electric SUV per year with locally assembled batteries in Indonesia. There are also plans to conduct the second phase of construction with a further investment of USD 2 billion that would increase the plant's generation capacity by 20 GWh. In 2021, both companies re-affirmed their partnership for battery cell plant in West Java province that will require an investment of USD 1.1 billion for the production of batteries for more than 150,000 electric vehicles per year. President Widodo stated that the plant would play a crucial role in defending Indonesia’s position in the global EV supply chain and establishing a processing industry domestically. “This is the first and largest EV battery cell plant in Southeast Asia, and we are so lucky to have abundant nickel resources, bauxite, and copper in Indonesia,” Jokowi stressed during the ribbon cutting. Indonesia, the largest global nickel producer, decided in 2020 that it would cease exporting raw nickel in a bid to foster the development of local processing facilities. At the event, Indonesia’s Investment Minister Bahlil Lahadalia and South Korea’s Minister for Trade Cheong Inkyo agreed on the cooperation in the field of electric vehicles, petrochemicals, and carbon capture utilization and storage, efforts encompassing clean technologies, such as carbon dioxide capture and storage as mentioned by South Korean trade ministry.

Hyundai, LG Energy launch Indonesia's first EV battery plant

Hyundai Motor Company has introduced the All-electric INSTER, a new A-segment sub-compact EV, at the 2024 Busan International Mobility Show. This innovative vehicle combines unique design elements, class-leading driving range, versatility, and advanced technology.

Design and Positioning: The INSTER evolves from the design of the Korea-only, petrol-powered CASPER introduced in 2021. It features an extended body and wheelbase, offering more interior space and a robust road presence. The vehicle is strategically positioned between traditional A-segment sub-compact city cars and larger B-segment compact models, providing the maneuverability of a city car with enhanced practicality and interior space.

Exterior Design: The INSTER's exterior is characterized by a bold, compact SUV profile with clean, flush surfaces. The main design elements include: 
- Strong fenders 
- High-tech, circuit board-style bumper 
- Prominent skid plate 
- Distinctive LED daytime running lights 
- Pixel-graphic turn signals, tail lamps, and bumpers 
- Optional LED projection headlamps 
- Two-tone exterior option with a contrasting black roof 
- Wheel options ranging from 15-inch steel with covers to 17-inch alloy

Interior Features: 
The INSTER's interior focuses on technology, convenience, and versatility: 
- 10.25-inch digital cluster 
- 10.25-inch infotainment touchscreen with navigation 
- Wireless charging dock 
- Compact center console for increased spaciousness 
- Pixel-themed graphics on the steering wheel 
- Customisable upper door trim garnishes 
- Flexible seating arrangements, including fold-flat capability for all seats 
- Optional front bench seat 
- Heated front seats and steering wheel available 
- 50/50 split second-row seats with slide and recline functions

Powertrain and Performance: 
There are two battery configurations that are available. One is standard: 42 kWh battery with a 71.1 kW (97 PS) motor, and the other is long-range: 49 kWh battery with an 84.5 kW (115 PS) motor. Both versions deliver 147 Nm of torque.

Range and Efficiency: 
- The Long-Range model boasts a segment-leading projected range of 355 km (WLTP) on a single charge 
- Estimated energy consumption: 15.3 kWh/100 km (WLTP)

Charging Capabilities: 
- Fast DC charging: 10-80% in approximately 30 minutes using a 120 kW charger 
- Standard 11 kW on-board charger 
- Optional battery heating system and high-efficiency heat pump 
- Vehicle-to-Load (V2L) functionality for powering external devices

Technology and Safety Features: 
The INSTER offers a comprehensive suite of advanced technologies: 
- 64-color LED ambient lighting 
- Hyundai Digital Key 2 Touch (NFC) functionality 
- One-touch sunroof 
- Extensive Advanced Driver Assistance Systems (ADAS) including Surround View Monitor, Parking Collision-Avoidance Assist, Blind-spot View Monitor, Forward Collision-Avoidance Assist, Lane Keeping Assist, Smart Cruise Control, and many more

Sustainability wise the INSTER incorporates eco-friendly materials: 
- Exterior: Black high-gloss recycled paint using coloring from recycled waste tires 
- Interior: Recycled PET from bottles and bio-polypropylene material from sugarcane

Color and Trim Options: 
A wide range of exterior colors is available, including Atlas White, Tomboy Khaki, Sienna Orange Metallic, and Abyss Black Pearl, with some offered in two-tone combinations. Interior trim choices include Black, and Khaki Brown and Newtro Beige two-tone with full cloth trim.

Global Launch: 
The INSTER will debut in Korea in summer 2024, followed by launches in Europe, the Middle East, and Asia Pacific. Most features will be standard, with some premium options available.

Future Variant: 
Hyundai plans to introduce an INSTER CROSS variant in the future, featuring a more rugged, outdoor-oriented design.

The INSTER represents Hyundai's vision for the future of sub-compact EVs, offering a combination of style, efficiency, and advanced technology in a versatile package designed for urban environments.

Hyundai Motor Company has introduced the All-electric INSTER, a new A-segment sub-compact EV, at the 2024 Busan International Mobility Show. This innovative vehicle combines unique design elements, class-leading driving range, versatility, and advanced technology.

Hyundai Motor Company has introduced the All-electric INSTER, a new A-segment sub-compact EV, at the 2024 Busan International Mobility Show. This innovative vehicle combines unique design elements, class-leading driving range, versatility, and advanced technology. Design and Positioning: The INSTER evolves from the design of the Korea-only, petrol-powered CASPER introduced in 2021. It features an extended body and wheelbase, offering more interior space and a robust road presence. The vehicle is strategically positioned between traditional A-segment sub-compact city cars and larger B-segment compact models, providing the maneuverability of a city car with enhanced practicality and interior space. Exterior Design: The INSTER's exterior is characterized by a bold, compact SUV profile with clean, flush surfaces. The main design elements include: - Strong fenders - High-tech, circuit board-style bumper - Prominent skid plate - Distinctive LED daytime running lights - Pixel-graphic turn signals, tail lamps, and bumpers - Optional LED projection headlamps - Two-tone exterior option with a contrasting black roof - Wheel options ranging from 15-inch steel with covers to 17-inch alloy Interior Features: The INSTER's interior focuses on technology, convenience, and versatility: - 10.25-inch digital cluster - 10.25-inch infotainment touchscreen with navigation - Wireless charging dock - Compact center console for increased spaciousness - Pixel-themed graphics on the steering wheel - Customisable upper door trim garnishes - Flexible seating arrangements, including fold-flat capability for all seats - Optional front bench seat - Heated front seats and steering wheel available - 50/50 split second-row seats with slide and recline functions Powertrain and Performance: There are two battery configurations that are available. One is standard: 42 kWh battery with a 71.1 kW (97 PS) motor, and the other is long-range: 49 kWh battery with an 84.5 kW (115 PS) motor. Both versions deliver 147 Nm of torque. Range and Efficiency: - The Long-Range model boasts a segment-leading projected range of 355 km (WLTP) on a single charge - Estimated energy consumption: 15.3 kWh/100 km (WLTP) Charging Capabilities: - Fast DC charging: 10-80% in approximately 30 minutes using a 120 kW charger - Standard 11 kW on-board charger - Optional battery heating system and high-efficiency heat pump - Vehicle-to-Load (V2L) functionality for powering external devices Technology and Safety Features: The INSTER offers a comprehensive suite of advanced technologies: - 64-color LED ambient lighting - Hyundai Digital Key 2 Touch (NFC) functionality - One-touch sunroof - Extensive Advanced Driver Assistance Systems (ADAS) including Surround View Monitor, Parking Collision-Avoidance Assist, Blind-spot View Monitor, Forward Collision-Avoidance Assist, Lane Keeping Assist, Smart Cruise Control, and many more Sustainability wise the INSTER incorporates eco-friendly materials: - Exterior: Black high-gloss recycled paint using coloring from recycled waste tires - Interior: Recycled PET from bottles and bio-polypropylene material from sugarcane Color and Trim Options: A wide range of exterior colors is available, including Atlas White, Tomboy Khaki, Sienna Orange Metallic, and Abyss Black Pearl, with some offered in two-tone combinations. Interior trim choices include Black, and Khaki Brown and Newtro Beige two-tone with full cloth trim. Global Launch: The INSTER will debut in Korea in summer 2024, followed by launches in Europe, the Middle East, and Asia Pacific. Most features will be standard, with some premium options available. Future Variant: Hyundai plans to introduce an INSTER CROSS variant in the future, featuring a more rugged, outdoor-oriented design. The INSTER represents Hyundai's vision for the future of sub-compact EVs, offering a combination of style, efficiency, and advanced technology in a versatile package designed for urban environments.

Hyundai INSTER: new A-Segment sub-compact EV delivers distinctive design and versatility

Despite industry whispers of an "EV slowdown," Hyundai is boldly expanding its electric vehicle (EV) offerings in Europe. The South Korean automaker is launching two new models, including a budget-friendly EV and a fresh addition to its IONIQ lineup, to capture a larger market share. Hyundai's aggressive strategy reflects its commitment to maintaining momentum in a competitive and evolving market.

Hyundai's leadership is optimistic about the future of EVs in Europe. Michael Cole, Hyundai Europe's CEO, expressed confidence in sustaining growth despite market fluctuations. "Our aim is that sales of EVs account for 14 percent of our total sales in Europe this year – or even a bit more," Cole stated at the Automotive News Europe Congress. This target reflects Hyundai's belief in the strong demand for EVs, despite the challenges posed by changing government policies and market dynamics.

Navigating policy changes and market conditions

In some parts of Europe, like Germany, the removal of subsidies for electric cars has led to a significant drop in sales. EV sales fell by 31% last month compared to May 2023, showcasing the sensitivity of the market to governmental incentives. However, unlike some competitors who are pulling back, Hyundai is doubling down on its EV investments. Cole criticised Germany's policy change, stating it sent the wrong message about the country's support for green technology.

Also read:&nbsp;<a href="https://www.wionews.com/autonews/eus-anti-subsidy-probe-dampens-chinese-ev-makers-confidence-and-sales-in-europe-733380">EU's anti-subsidy probe dampens Chinese EV makers' confidence and sales in Europe</a>

New models to drive market expansion

Hyundai is launching the Inster EV, a sub-compact electric car priced under €25,000 ($27,000), aimed at providing an affordable entry point into the EV market. The Inster EV, based on the gas-powered CASPER model sold in Korea, is expected to offer a range of up to 220 miles (255 km) on the WLTP cycle. This strategic move targets cost-conscious consumers and positions Hyundai as a leader in accessible electric mobility.

In addition to the Inster EV, Hyundai will introduce a new IONIQ model later this year. While specific details remain under wraps, industry speculation suggests it could be the IONIQ 9, which has been seen in public testing. This new model is expected to build on the E-GMP platform, offering a range of over 300 miles, fast charging capabilities, and competitive pricing. These features aim to attract a broad spectrum of customers, from tech enthusiasts to environmentally conscious drivers.

Strategic vision and future plans

Hyundai's robust strategy extends beyond Europe. In the United States, the company is gearing up to commence production at its first EV and battery plant in Georgia. The facility is part of Hyundai's $7.6 billion investment in the Metaplant project, which underscores the company's long-term commitment to EV production. The first model to roll off the Georgia production line will be the updated 2025 IONIQ 5, which will likely qualify for the $7,500 EV tax credit, enhancing its market appeal.

Chang Jae-hoon, CEO of Hyundai Motor Group, reaffirmed the company's focus on EVs, stating they are "the top priority" in the US market. This emphasis on electric mobility aligns with global trends towards sustainability and reduced carbon emissions.

Overcoming competition and market adjustments

Hyundai acknowledges the competitive pressures from other automakers, including Tesla, but remains committed to its strategic path. Cole noted that while Hyundai is not immune to market forces, the company will avoid "knee-jerk reactions" and will make thoughtful adjustments as needed. This approach demonstrates Hyundai's confidence in its EV strategy and its ability to adapt to changing market conditions.

Hyundai's ambitious plans to introduce new electric vehicles and expand its production capabilities highlight its commitment to leading the EV revolution. By focusing on affordability, technological innovation, and strategic market expansion, Hyundai aims to solidify its position as a key player in the global EV market. Despite the challenges posed by policy changes and competitive pressures, Hyundai's proactive approach and robust product lineup position it well for continued success in the rapidly evolving automotive landscape.

Despite industry whispers of an "EV slowdown," Hyundai is boldly expanding its electric vehicle (EV) offerings in Europe. The South Korean automaker is launching two new models, including a budget-friendly EV and a fresh addition to its IONIQ lineup, to capture a larger market share.

Despite industry whispers of an "EV slowdown," Hyundai is boldly expanding its electric vehicle (EV) offerings in Europe. The South Korean automaker is launching two new models, including a budget-friendly EV and a fresh addition to its IONIQ lineup, to capture a larger market share. Hyundai's aggressive strategy reflects its commitment to maintaining momentum in a competitive and evolving market. Hyundai's leadership is optimistic about the future of EVs in Europe. Michael Cole, Hyundai Europe's CEO, expressed confidence in sustaining growth despite market fluctuations. "Our aim is that sales of EVs account for 14 percent of our total sales in Europe this year – or even a bit more," Cole stated at the Automotive News Europe Congress. This target reflects Hyundai's belief in the strong demand for EVs, despite the challenges posed by changing government policies and market dynamics. Navigating policy changes and market conditions In some parts of Europe, like Germany, the removal of subsidies for electric cars has led to a significant drop in sales. EV sales fell by 31% last month compared to May 2023, showcasing the sensitivity of the market to governmental incentives. However, unlike some competitors who are pulling back, Hyundai is doubling down on its EV investments. Cole criticised Germany's policy change, stating it sent the wrong message about the country's support for green technology. Also read: EU's anti-subsidy probe dampens Chinese EV makers' confidence and sales in Europe New models to drive market expansion Hyundai is launching the Inster EV, a sub-compact electric car priced under €25,000 ($27,000), aimed at providing an affordable entry point into the EV market. The Inster EV, based on the gas-powered CASPER model sold in Korea, is expected to offer a range of up to 220 miles (255 km) on the WLTP cycle. This strategic move targets cost-conscious consumers and positions Hyundai as a leader in accessible electric mobility. In addition to the Inster EV, Hyundai will introduce a new IONIQ model later this year. While specific details remain under wraps, industry speculation suggests it could be the IONIQ 9, which has been seen in public testing. This new model is expected to build on the E-GMP platform, offering a range of over 300 miles, fast charging capabilities, and competitive pricing. These features aim to attract a broad spectrum of customers, from tech enthusiasts to environmentally conscious drivers. Strategic vision and future plans Hyundai's robust strategy extends beyond Europe. In the United States, the company is gearing up to commence production at its first EV and battery plant in Georgia. The facility is part of Hyundai's $7.6 billion investment in the Metaplant project, which underscores the company's long-term commitment to EV production. The first model to roll off the Georgia production line will be the updated 2025 IONIQ 5, which will likely qualify for the $7,500 EV tax credit, enhancing its market appeal. Chang Jae-hoon, CEO of Hyundai Motor Group, reaffirmed the company's focus on EVs, stating they are "the top priority" in the US market. This emphasis on electric mobility aligns with global trends towards sustainability and reduced carbon emissions. Overcoming competition and market adjustments Hyundai acknowledges the competitive pressures from other automakers, including Tesla, but remains committed to its strategic path. Cole noted that while Hyundai is not immune to market forces, the company will avoid "knee-jerk reactions" and will make thoughtful adjustments as needed. This approach demonstrates Hyundai's confidence in its EV strategy and its ability to adapt to changing market conditions. Hyundai's ambitious plans to introduce new electric vehicles and expand its production capabilities highlight its commitment to leading the EV revolution. By focusing on affordability, technological innovation, and strategic market expansion, Hyundai aims to solidify its position as a key player in the global EV market. Despite the challenges posed by policy changes and competitive pressures, Hyundai's proactive approach and robust product lineup position it well for continued success in the rapidly evolving automotive landscape.

Hyundai defies EV slowdown with new models and strategic expansions in Europe

Hyundai motor India ltd plans to launch four electric vehicle models in the near future, with the electric version of its popular Creta SUV expected by the last quarter of fiscal year 2025. This initiative is detailed in the company’s draft red herring prospectus filed with the securities and exchange board of India which coincides with Hyundai's preparation for an initial public offering.

Hyundai's 4 new EVs to boost India's economy

On Monday, SQM, a Chilean lithium mining company renowned as the world's second-largest producer of lithium, announced that it had successfully negotiated and entered into a long-term supply agreement with the Korean automotive manufacturers Hyundai and Kia. This agreement pertains to the provision of lithium, a crucial element in the production of batteries for electric vehicles.

According to the statement released by SQM, the agreement stipulates that Hyundai and Kia will "secure a portion of (their) future lithium hydroxide supply from SQM." It's worth noting that this is not the first such agreement for SQM, as the company has previously established supply arrangements with other major players in the automotive and battery industries, including Ford Motors and the battery manufacturer LG Energy.

While SQM's announcement did not disclose the financial specifics of the deal with the Korean automakers, the company did express that there was a "strong motivation to continue with (its) lithium hydroxide expansion plan." This statement suggests that the agreement may have significant implications for SQM's future production strategies and capacity expansion plans.

Currently, SQM's production capacity for lithium hydroxide in Chile stands at 40,000 metric tons per year, as reported in their first-quarter results. Lithium hydroxide, it should be noted, is produced from lithium carbonate. Looking ahead, SQM has ambitious plans to substantially increase its output in Chile. The company is aiming to boost its production to 100,000 tons by the year 2025, representing a significant expansion of its current capacity.

SQM's growth plans are not limited to Chile, however. The company is also actively working on expanding its production capabilities in both China and Australia. This global expansion strategy underscores SQM's commitment to meeting the growing worldwide demand for lithium, driven largely by the rapid expansion of the electric vehicle market.

In a separate but related development, SQM recently took a significant step to secure its long-term production capabilities in Chile. At the end of May, the company signed an agreement with Codelco, the Chilean state-run mining company. This agreement establishes a joint venture between the two entities, which will enable SQM to increase its output at the Salar de Atacama through the year 2060. The Salar de Atacama is widely recognised as one of the world's most valuable regions for lithium extraction, making this agreement particularly significant for SQM's prospects.

This series of developments - the supply agreement with Hyundai and Kia, the planned expansion of production capacity, and the joint venture with Codelco - collectively paint a picture of SQM's strategic positioning in the global lithium market. As the demand for electric vehicles continues to grow, driven by environmental concerns and advancing technology, the importance of securing stable lithium supplies has become a critical consideration for automakers worldwide. SQM's actions suggest that the company is actively working to capitalise on this trend and strengthen its position as a key player in the global lithium supply chain.

On Monday, SQM, a Chilean lithium mining company renowned as the world's second-largest producer of lithium, announced that it had successfully negotiated and entered into a long-term supply agreement with the Korean automotive manufacturers Hyundai and Kia.

On Monday, SQM, a Chilean lithium mining company renowned as the world's second-largest producer of lithium, announced that it had successfully negotiated and entered into a long-term supply agreement with the Korean automotive manufacturers Hyundai and Kia. This agreement pertains to the provision of lithium, a crucial element in the production of batteries for electric vehicles. According to the statement released by SQM, the agreement stipulates that Hyundai and Kia will "secure a portion of (their) future lithium hydroxide supply from SQM." It's worth noting that this is not the first such agreement for SQM, as the company has previously established supply arrangements with other major players in the automotive and battery industries, including Ford Motors and the battery manufacturer LG Energy. While SQM's announcement did not disclose the financial specifics of the deal with the Korean automakers, the company did express that there was a "strong motivation to continue with (its) lithium hydroxide expansion plan." This statement suggests that the agreement may have significant implications for SQM's future production strategies and capacity expansion plans. Currently, SQM's production capacity for lithium hydroxide in Chile stands at 40,000 metric tons per year, as reported in their first-quarter results. Lithium hydroxide, it should be noted, is produced from lithium carbonate. Looking ahead, SQM has ambitious plans to substantially increase its output in Chile. The company is aiming to boost its production to 100,000 tons by the year 2025, representing a significant expansion of its current capacity. SQM's growth plans are not limited to Chile, however. The company is also actively working on expanding its production capabilities in both China and Australia. This global expansion strategy underscores SQM's commitment to meeting the growing worldwide demand for lithium, driven largely by the rapid expansion of the electric vehicle market. In a separate but related development, SQM recently took a significant step to secure its long-term production capabilities in Chile. At the end of May, the company signed an agreement with Codelco, the Chilean state-run mining company. This agreement establishes a joint venture between the two entities, which will enable SQM to increase its output at the Salar de Atacama through the year 2060. The Salar de Atacama is widely recognised as one of the world's most valuable regions for lithium extraction, making this agreement particularly significant for SQM's prospects. This series of developments - the supply agreement with Hyundai and Kia, the planned expansion of production capacity, and the joint venture with Codelco - collectively paint a picture of SQM's strategic positioning in the global lithium market. As the demand for electric vehicles continues to grow, driven by environmental concerns and advancing technology, the importance of securing stable lithium supplies has become a critical consideration for automakers worldwide. SQM's actions suggest that the company is actively working to capitalise on this trend and strengthen its position as a key player in the global lithium supply chain.

Chilean lithium miner SQM secures supply agreement with Hyundai and Kia

Hyundai is set to make a significant mark in the US electric vehicle (EV) market with its latest manufacturing move. The Hyundai Ioniq 5 will be the first vehicle to roll out of the company’s new factory in Georgia this autumn. This strategic development not only highlights Hyundai’s commitment to the US market but also opens up new opportunities for consumers and the company alike.

A milestone for Hyundai in the US

Starting in October, Hyundai will begin producing the Ioniq 5 at its new plant in Georgia. This move is pivotal for Hyundai as it aims to increase its footprint in the competitive US EV market. According to Hyundai CEO Jose Muñoz, this US-made version of the Ioniq 5 is expected to qualify for the full $7,500 federal EV tax credit. The South Korean-made Ioniq 5 does not currently qualify for this credit, except through a leasing loophole. This tax credit could be a significant incentive for buyers, potentially boosting the vehicle's sales in the US.

Battery production plans and challenges

While vehicle production will commence in October, Hyundai will not start making batteries at the Georgia plant until about a year later. In the interim, the batteries for the Ioniq 5 will be sourced from a Hungarian factory operated by SK On, Hyundai’s partner for its Georgia battery production. This reliance on an external source for batteries highlights the challenges Hyundai faces in establishing a fully integrated production line in the US. However, this temporary arrangement ensures that production can begin on schedule.

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NACS vs. CCS

A key consideration for potential buyers is the type of charging port the new Ioniq 5s will feature. The North American Charging Standard (NACS) has rapidly become the preferred standard among major US EV automakers. Hyundai announced in October of last year that its cars would gain access to Tesla Superchargers by the fourth quarter of 2024. Additionally, all new or refreshed Hyundai EVs will come equipped with NACS charging ports starting in the same period.

However, the fourth quarter spans from October to December, leaving room for some of the first US-made Ioniq 5s to potentially be equipped with the Combined Charging System (CCS) ports instead. Hyundai has not explicitly confirmed whether the initial models off the line will feature NACS ports, adding a layer of uncertainty for early buyers. Hyundai representative Christopher Paukert reiterated the company’s previous announcement but did not provide a definite answer on the charging port issue.

Strategic implications and market impact

Hyundai’s decision to manufacture the Ioniq 5 in the US aligns with broader industry trends and regulatory incentives aimed at encouraging domestic EV production. The ability to offer the full $7,500 federal tax credit makes the Ioniq 5 more attractive to US consumers, potentially driving higher sales volumes. This move also underscores Hyundai’s strategic commitment to increasing its market share in the US, which is crucial for the company’s global growth ambitions.

Furthermore, establishing a manufacturing presence in the US allows Hyundai to better navigate supply chain challenges and reduce dependence on international logistics. The eventual local production of batteries will further strengthen Hyundai’s position by enhancing its supply chain resilience and reducing costs.

Future prospects and considerations

Looking ahead, Hyundai’s Georgia plant represents a significant step towards achieving its long-term goals in the EV market. As the plant ramps up production and begins manufacturing batteries locally, Hyundai will likely enjoy greater operational efficiencies and cost advantages. The transition to NACS charging ports will also enhance the appeal of Hyundai’s EVs by offering compatibility with a widely adopted charging infrastructure.

However, Hyundai must address the initial uncertainty surrounding the charging port standards to maintain consumer confidence and ensure a smooth market entry for the US-made Ioniq 5. Clear communication and strategic planning will be essential in navigating these early challenges.

Hyundai’s new factory in Georgia marks a pivotal development in the company’s strategy to expand its presence in the US EV market. By producing the Ioniq 5 locally, Hyundai aims to leverage federal tax incentives and enhance its competitive edge. While initial challenges such as battery sourcing and charging port standards exist, Hyundai’s strategic initiatives position it well for future growth. As the company navigates these complexities, it remains poised to make significant strides in the dynamic and rapidly evolving electric vehicle landscape.

Hyundai is set to make a significant mark in the US electric vehicle (EV) market with its latest manufacturing move. The Hyundai Ioniq 5 will be the first vehicle to roll out of the company’s new factory in Georgia this autumn.

Hyundai is set to make a significant mark in the US electric vehicle (EV) market with its latest manufacturing move. The Hyundai Ioniq 5 will be the first vehicle to roll out of the company’s new factory in Georgia this autumn. This strategic development not only highlights Hyundai’s commitment to the US market but also opens up new opportunities for consumers and the company alike. A milestone for Hyundai in the US Starting in October, Hyundai will begin producing the Ioniq 5 at its new plant in Georgia. This move is pivotal for Hyundai as it aims to increase its footprint in the competitive US EV market. According to Hyundai CEO Jose Muñoz, this US-made version of the Ioniq 5 is expected to qualify for the full $7,500 federal EV tax credit. The South Korean-made Ioniq 5 does not currently qualify for this credit, except through a leasing loophole. This tax credit could be a significant incentive for buyers, potentially boosting the vehicle's sales in the US. Battery production plans and challenges While vehicle production will commence in October, Hyundai will not start making batteries at the Georgia plant until about a year later. In the interim, the batteries for the Ioniq 5 will be sourced from a Hungarian factory operated by SK On, Hyundai’s partner for its Georgia battery production. This reliance on an external source for batteries highlights the challenges Hyundai faces in establishing a fully integrated production line in the US. However, this temporary arrangement ensures that production can begin on schedule. Read More: GM to relaunch Chevy Bolt as most affordable EV by 2025 NACS vs. CCS A key consideration for potential buyers is the type of charging port the new Ioniq 5s will feature. The North American Charging Standard (NACS) has rapidly become the preferred standard among major US EV automakers. Hyundai announced in October of last year that its cars would gain access to Tesla Superchargers by the fourth quarter of 2024. Additionally, all new or refreshed Hyundai EVs will come equipped with NACS charging ports starting in the same period. However, the fourth quarter spans from October to December, leaving room for some of the first US-made Ioniq 5s to potentially be equipped with the Combined Charging System (CCS) ports instead. Hyundai has not explicitly confirmed whether the initial models off the line will feature NACS ports, adding a layer of uncertainty for early buyers. Hyundai representative Christopher Paukert reiterated the company’s previous announcement but did not provide a definite answer on the charging port issue. Strategic implications and market impact Hyundai’s decision to manufacture the Ioniq 5 in the US aligns with broader industry trends and regulatory incentives aimed at encouraging domestic EV production. The ability to offer the full $7,500 federal tax credit makes the Ioniq 5 more attractive to US consumers, potentially driving higher sales volumes. This move also underscores Hyundai’s strategic commitment to increasing its market share in the US, which is crucial for the company’s global growth ambitions. Furthermore, establishing a manufacturing presence in the US allows Hyundai to better navigate supply chain challenges and reduce dependence on international logistics. The eventual local production of batteries will further strengthen Hyundai’s position by enhancing its supply chain resilience and reducing costs. Future prospects and considerations Looking ahead, Hyundai’s Georgia plant represents a significant step towards achieving its long-term goals in the EV market. As the plant ramps up production and begins manufacturing batteries locally, Hyundai will likely enjoy greater operational efficiencies and cost advantages. The transition to NACS charging ports will also enhance the appeal of Hyundai’s EVs by offering compatibility with a widely adopted charging infrastructure. However, Hyundai must address the initial uncertainty surrounding the charging port standards to maintain consumer confidence and ensure a smooth market entry for the US-made Ioniq 5. Clear communication and strategic planning will be essential in navigating these early challenges. Hyundai’s new factory in Georgia marks a pivotal development in the company’s strategy to expand its presence in the US EV market. By producing the Ioniq 5 locally, Hyundai aims to leverage federal tax incentives and enhance its competitive edge. While initial challenges such as battery sourcing and charging port standards exist, Hyundai’s strategic initiatives position it well for future growth. As the company navigates these complexities, it remains poised to make significant strides in the dynamic and rapidly evolving electric vehicle landscape.

Hyundai to roll out US-made Ioniq 5 from Georgia plant, securing full EV tax credit

On Wednesday, the U.S Department of Justice stated that Hyundai and Kia’s financing arm is liable to pay USD 334,941 to settle charges that it illegally repossessed vehicles belonging to military service members.

Based on the papers filed in Los Angeles federal court, Hyundai Capital America allegedly violated the Servicemember Civil Relief Act between 2015 and 2023 by repossessing 26 vehicles whose owners had started to pay off their loans before active duty.

The Justice Department clarified that it was pre-requisite for the financing arm to obtain court permission before repossessing vehicles. Furthermore, it cited the example of 2017 repossession and sale of Navy Airman Jessica Johnson’s three-year-old Hyundai Elantra. The repossession only took place after the financing department determined that she was on active duty and “not deployed.”

Johnson still had outstanding payments worth USD 13,796 on the car and Hyundai Capital America came to the conclusion in 2020 that it should not have repossessed the Elantra, court papers show.

“Members of our Armed Forces should not have to worry about having their cars repossessed while they are in military service," Assistant Attorney General Kristen Clarke said in a statement.

Hyundai Capital America based in Irvine, California, is positioned to pay USD 10,000 plus lost vehicles to each of the 26 service members and also repair their credit. On the top of that, it will also pay USD 74,941 to the U.S. Treasury “to vindicate the public interest.” However, it shall do so without admitting wrongdoing.&nbsp;

In the last several years, the Justice Department has settled several claims under the servicemembers law against several financing companies, including General Motors, Nissan and Wells Fargo financial arms, among others.

To assuage the Justice Department as well as the public, Hyundai Capital America reiterated in a statement that “HCA takes pride in supporting our military families … Additionally, we have already taken steps to further enhance our compliance with all SCRA requirements."

On Wednesday, the U.S Department of Justice stated that Hyundai and Kia’s financing arm is liable to pay USD 334,941 to settle charges that it illegally repossessed vehicles belonging to military service members.

On Wednesday, the U.S Department of Justice stated that Hyundai and Kia’s financing arm is liable to pay USD 334,941 to settle charges that it illegally repossessed vehicles belonging to military service members. Based on the papers filed in Los Angeles federal court, Hyundai Capital America allegedly violated the Servicemember Civil Relief Act between 2015 and 2023 by repossessing 26 vehicles whose owners had started to pay off their loans before active duty. The Justice Department clarified that it was pre-requisite for the financing arm to obtain court permission before repossessing vehicles. Furthermore, it cited the example of 2017 repossession and sale of Navy Airman Jessica Johnson’s three-year-old Hyundai Elantra. The repossession only took place after the financing department determined that she was on active duty and “not deployed.” Johnson still had outstanding payments worth USD 13,796 on the car and Hyundai Capital America came to the conclusion in 2020 that it should not have repossessed the Elantra, court papers show. “Members of our Armed Forces should not have to worry about having their cars repossessed while they are in military service," Assistant Attorney General Kristen Clarke said in a statement. Hyundai Capital America based in Irvine, California, is positioned to pay USD 10,000 plus lost vehicles to each of the 26 service members and also repair their credit. On the top of that, it will also pay USD 74,941 to the U.S. Treasury “to vindicate the public interest.” However, it shall do so without admitting wrongdoing. In the last several years, the Justice Department has settled several claims under the servicemembers law against several financing companies, including General Motors, Nissan and Wells Fargo financial arms, among others. To assuage the Justice Department as well as the public, Hyundai Capital America reiterated in a statement that “HCA takes pride in supporting our military families … Additionally, we have already taken steps to further enhance our compliance with all SCRA requirements."

Hyundai, Kia accused of illegally repossessing service members' vehicles

South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This potential IPO, slated to be the largest in the country, aims to raise at least $3 billion, sources familiar with the matter reported on Friday. <o:p></o:p>

The move comes as Hyundai intensifies its focus on the Indian market, anticipating increased competition with the impending entry of electric vehicle giant, Tesla.<o:p></o:p>

Early talks and potential valuation<o:p></o:p>

Hyundai Motor India has initiated preliminary discussions regarding the IPO with various banks.<o:p></o:p>

&nbsp;The IPO could potentially value Hyundai's Indian operation at up to $30 billion, more than half of its current market capitalisation of $42 billion in Seoul. <o:p></o:p>

The announcement triggered a surge in Hyundai's shares, climbing 5 per cent to reach their highest point in nearly three years on Monday. <o:p></o:p>

This valuation would position Hyundai's India unit behind industry counterparts like Tata Motors and Maruti Suzuki India.<o:p></o:p>

"They want to make use of India's IPO boom. India's capital markets have hardly stood out like this before compared to other countries," Reuters quoted one of the sources familiar with the matter.<o:p></o:p>

India's capital market surge and IPO boom<o:p></o:p>

India's stock market, valued at $4 trillion, has emerged as a robust alternative to China, surpassing Hong Kong to become the fourth-largest globally. <o:p></o:p>

With the Nifty 50 index rising by 20 per cent in 2023 and continuing its record-breaking run into 2024, India's capital market has become a focal point for domestic and foreign investments. <o:p></o:p>

The second half of 2023 witnessed a surge in IPOs, a trend anticipated to persist in 2024, driven by expectations of policy stability.<o:p></o:p>

&nbsp;Hyundai's potential IPO aligns with this trend, positioning the company to leverage India's flourishing capital markets.<o:p></o:p>

Hyundai's IPO talks with major investment banks<o:p></o:p>

In its pursuit of an Indian IPO, Hyundai has engaged in discussions with prominent investment banks such as JP Morgan, Morgan Stanley, Citi, and Bank of America. <o:p></o:p>

While formal appointments are yet to be made, these talks reflect Hyundai's commitment to exploring all options for its India business. <o:p></o:p>

Hyundai's move follows a pattern of companies like SoftBank-backed Ola Electric and Swiggy, expected to go public in 2024. <o:p></o:p>

Although there has been no official comment from the mentioned banks, Hyundai's plan is gaining momentum in the financial sector.<o:p></o:p>

Hyundai's India push and competition with Tesla<o:p></o:p>

Hyundai, India's second-largest car maker by sales, has been strategically reinforcing its presence in India and the United States, redirecting focus after scaling back production in China and exiting the Russian market. <o:p></o:p>

Entering India over two decades ago, Hyundai is the only foreign player to have secured a significant market share alongside Maruti Suzuki. <o:p></o:p>

Hyundai's move to go public comes at a crucial juncture as it faces growing competition from domestic players like Tata Motors.<o:p></o:p>

&nbsp;Analysts speculate that the IPO could enhance Hyundai's position against Tesla in the Indian EV market.<o:p></o:p>

"Hyundai's India unit IPO talks come amid Tesla's plan to enter India, and if Hyundai's unit manages to go public in the country, it might help Hyundai better compete with Tesla in the Indian EV market in the future," noted industry analysts.<o:p></o:p>

Future investments in India's EV market<o:p></o:p>

Hyundai has outlined ambitious plans for the Indian market, announcing intentions to invest close to $4 billion over the next decade. <o:p></o:p>

These funds are set for launching new electric vehicles, expanding charging infrastructure, and establishing a battery pack assembly unit. <o:p></o:p>

Notably, part of this investment involves acquiring a former General Motors plant, a strategic move to bolster production capacity in India. <o:p></o:p>

Currently, Hyundai manufactures cars at its Chennai plant, often referred to as the "Detroit of Asia".<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit.

South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit. This is based on a Reuters report. This potential IPO, slated to be the largest in the country, aims to raise at least $3 billion, sources familiar with the matter reported on Friday. The move comes as Hyundai intensifies its focus on the Indian market, anticipating increased competition with the impending entry of electric vehicle giant, Tesla. Early talks and potential valuation Hyundai Motor India has initiated preliminary discussions regarding the IPO with various banks. The IPO could potentially value Hyundai's Indian operation at up to $30 billion, more than half of its current market capitalisation of $42 billion in Seoul. The announcement triggered a surge in Hyundai's shares, climbing 5 per cent to reach their highest point in nearly three years on Monday. This valuation would position Hyundai's India unit behind industry counterparts like Tata Motors and Maruti Suzuki India. "They want to make use of India's IPO boom. India's capital markets have hardly stood out like this before compared to other countries," Reuters quoted one of the sources familiar with the matter. India's capital market surge and IPO boom India's stock market, valued at $4 trillion, has emerged as a robust alternative to China, surpassing Hong Kong to become the fourth-largest globally. With the Nifty 50 index rising by 20 per cent in 2023 and continuing its record-breaking run into 2024, India's capital market has become a focal point for domestic and foreign investments. The second half of 2023 witnessed a surge in IPOs, a trend anticipated to persist in 2024, driven by expectations of policy stability. Hyundai's potential IPO aligns with this trend, positioning the company to leverage India's flourishing capital markets. Hyundai's IPO talks with major investment banks In its pursuit of an Indian IPO, Hyundai has engaged in discussions with prominent investment banks such as JP Morgan, Morgan Stanley, Citi, and Bank of America. While formal appointments are yet to be made, these talks reflect Hyundai's commitment to exploring all options for its India business. Hyundai's move follows a pattern of companies like SoftBank-backed Ola Electric and Swiggy, expected to go public in 2024. Although there has been no official comment from the mentioned banks, Hyundai's plan is gaining momentum in the financial sector. Hyundai's India push and competition with Tesla Hyundai, India's second-largest car maker by sales, has been strategically reinforcing its presence in India and the United States, redirecting focus after scaling back production in China and exiting the Russian market. Entering India over two decades ago, Hyundai is the only foreign player to have secured a significant market share alongside Maruti Suzuki. Hyundai's move to go public comes at a crucial juncture as it faces growing competition from domestic players like Tata Motors. Analysts speculate that the IPO could enhance Hyundai's position against Tesla in the Indian EV market. "Hyundai's India unit IPO talks come amid Tesla's plan to enter India, and if Hyundai's unit manages to go public in the country, it might help Hyundai better compete with Tesla in the Indian EV market in the future," noted industry analysts. Future investments in India's EV market Hyundai has outlined ambitious plans for the Indian market, announcing intentions to invest close to $4 billion over the next decade. These funds are set for launching new electric vehicles, expanding charging infrastructure, and establishing a battery pack assembly unit. Notably, part of this investment involves acquiring a former General Motors plant, a strategic move to bolster production capacity in India. Currently, Hyundai manufactures cars at its Chennai plant, often referred to as the "Detroit of Asia". (With inputs from Reuters)

Hyundai's Ambitious Move: Plans $3 billion IPO for the Indian unit

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Hyundai's Ambitious Move: Plans $3 billion IPO for the Indian unit<o:p></o:p>

South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit.

<a href="https://www.wionews.com/business-economy/hyundais-ambitious-move-plans-3-billion-ipo-for-the-indian-unit-687342">Read more here</a><o:p></o:p>

Spain to invest $502 million in desalination plants to combat drought in Catalonia<o:p></o:p>

In response to Catalonia's ongoing three-year drought, Spain has announced an investment of $502 million (467 million euros) in the construction of two desalination plants along the Catalan coast.

<a href="https://www.wionews.com/business-economy/spain-to-invest-502-million-in-desalination-plants-to-combat-drought-in-catalonia-687366">Read more here</a><o:p></o:p>

FAA clears 94pc of Boeing 737 MAX 9 fleet after emergency; focus shifts to overhaul oversight<o:p></o:p>

Following a mid-air emergency last month that led to the grounding of Boeing 737 MAX 9 planes, the US Federal Aviation Administration (FAA) announced on Monday that nearly 94 per cent of these planes have been inspected and returned to service.

<a href="https://www.wionews.com/business-economy/faa-clears-94pc-of-boeing-737-max-9-fleet-after-emergency-focus-shifts-to-overhaul-oversight-687369">Read more here</a><o:p></o:p>

"Russia's Google" Yandex to exit in $5.2 billion deal, a historic corporate shift<o:p></o:p>

Yandex NV, often referred to as "Russia's Google," has finalised a deal worth 475 billion roubles ($5.21 billion) to sell its major businesses to a consortium of Russian investors.

<a href="https://www.wionews.com/business-economy/russias-google-yandex-to-exit-in-52-billion-deal-a-historic-corporate-shift-687390">Read more here</a><o:p></o:p>

US imposes visa restrictions on spyware abusers and manufacturers: Report<o:p></o:p>

In a move to curb the global proliferation of commercial spyware, the United States has announced a comprehensive plan to restrict visas for abusers and manufacturers involved in the sale of encryption-busting malware.

<a href="https://www.wionews.com/business-economy/us-imposes-visa-restrictions-on-spyware-abusers-and-manufacturers-report-687392">Read more here</a><o:p></o:p>

Nvidia surges to record high as Goldman Sachs boosts price target on AI growth<o:p></o:p>

Nvidia reached a new pinnacle on Monday as Goldman Sachs increased its price target for the company's shares, anticipating earnings growth driven by the ongoing artificial intelligence (AI) boom.

<a href="https://www.wionews.com/business-economy/nvidia-surges-to-record-high-as-goldman-sachs-boosts-price-target-on-ai-growth-687427">Read more here</a><o:p></o:p>

Snap announces 10 per cent workforce cut amid tech industry layoffs: Report<o:p></o:p>

Social media giant Snap, the parent company of Snapchat, disclosed on Monday its decision to lay off approximately 528 employees, constituting 10 per cent of its global workforce.

<a href="https://www.wionews.com/business-economy/snap-announces-10-per-cent-workforce-cut-amid-tech-industry-layoffs-report-687465">Read more here</a><o:p></o:p>

Huawei faces production hurdles as AI chip demand surges, impacting Mate 60 phones<o:p></o:p>

Huawei, the Chinese tech giant, is facing production challenges as it grapples with surging demand for its artificial intelligence (AI) chips, leading to a slowdown in the manufacturing of its premium Mate 60 smartphones.

<a href="https://www.wionews.com/business-economy/huawei-faces-production-hurdles-as-ai-chip-demand-surges-impacting-mate-60-phones-687409">Read more here</a><o:p></o:p>

Google faces September trial date in US antitrust lawsuit over digital ads: Report<o:p></o:p>

A US federal judge has set a trial date of September 9, 2024, for the antitrust lawsuit filed by the US Justice Department and a coalition of states against Google.

<a href="https://www.wionews.com/business-economy/google-faces-september-trial-date-in-us-antitrust-lawsuit-over-digital-ads-report-687470">Read more here</a><o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Hyundai's Ambitious Move: Plans $3 billion IPO for the Indian unit South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Hyundai's Ambitious Move: Plans $3 billion IPO for the Indian unit South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit. Read more here Spain to invest $502 million in desalination plants to combat drought in Catalonia In response to Catalonia's ongoing three-year drought, Spain has announced an investment of $502 million (467 million euros) in the construction of two desalination plants along the Catalan coast. Read more here FAA clears 94pc of Boeing 737 MAX 9 fleet after emergency; focus shifts to overhaul oversight Following a mid-air emergency last month that led to the grounding of Boeing 737 MAX 9 planes, the US Federal Aviation Administration (FAA) announced on Monday that nearly 94 per cent of these planes have been inspected and returned to service. Read more here "Russia's Google" Yandex to exit in $5.2 billion deal, a historic corporate shift Yandex NV, often referred to as "Russia's Google," has finalised a deal worth 475 billion roubles ($5.21 billion) to sell its major businesses to a consortium of Russian investors. Read more here US imposes visa restrictions on spyware abusers and manufacturers: Report In a move to curb the global proliferation of commercial spyware, the United States has announced a comprehensive plan to restrict visas for abusers and manufacturers involved in the sale of encryption-busting malware. Read more here Nvidia surges to record high as Goldman Sachs boosts price target on AI growth Nvidia reached a new pinnacle on Monday as Goldman Sachs increased its price target for the company's shares, anticipating earnings growth driven by the ongoing artificial intelligence (AI) boom. Read more here Snap announces 10 per cent workforce cut amid tech industry layoffs: Report Social media giant Snap, the parent company of Snapchat, disclosed on Monday its decision to lay off approximately 528 employees, constituting 10 per cent of its global workforce. Read more here Huawei faces production hurdles as AI chip demand surges, impacting Mate 60 phones Huawei, the Chinese tech giant, is facing production challenges as it grapples with surging demand for its artificial intelligence (AI) chips, leading to a slowdown in the manufacturing of its premium Mate 60 smartphones. Read more here Google faces September trial date in US antitrust lawsuit over digital ads: Report A US federal judge has set a trial date of September 9, 2024, for the antitrust lawsuit filed by the US Justice Department and a coalition of states against Google. Read more here

WION Business Wrap | Hyundai's IPO in India, Spain's investment in desalination plants and more

India’s Tamil Nadu has secured investments exceeding $4.39 billion. Global corporations, including Apple suppliers Tata Electronics and Pegatron, are spearheading this transformative wave.

India: Tamil nadu signs major investment deals with Apple, Hyundai, & others | India News | WION

South Korea's Hyundai Motor (005380.KS) plans to sell its plant in Russia for a nominal 7,000 roubles ($77.67), a company official said on Tuesday, making it the latest global automaker to sell Russian assets since the outbreak of the war in Ukraine.

Hyundai Motor to take $219 mln hit on sale of Russian plant

In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine. &nbsp;

According to Reuters, the sale, detailed in a regulatory filing, involves a significant financial setback, with Hyundai Motor anticipating a 287 billion won ($219.19 million) loss on the St. Petersburg plant, where operations were halted in March 2022.&nbsp;

Hyundai Motor aims to finalise the deal with Russia's Art-Finance, incorporating a buyback option into the transaction, and expects to complete the process by December 28. While the company is set to receive a total of 10,000 roubles for the sale of all its Russian assets, the move aligns with a broader trend among major automakers opting for nominal fees and buyback options, potentially leaving the door open for future returns.&nbsp;

Approval from Russia's government commission on foreign asset sales, known for requiring at least a 50 per cent discount on such deals, has been granted. Russian Industry and Trade Minister Denis Manturov, cited by the RIA news agency, stated that "Hyundai and Art-Finance are clarifying the parameters of the deal, including the buyback option.”&nbsp;

Before the war in Ukraine, Hyundai and its affiliate Kia Corp were among the top three selling brands in Russia. However, with the global exodus of players and the influx of Chinese brands taking their place, Hyundai Motor's decision to sell aligns with the industry trend.&nbsp;

Art-Finance, the acquiring entity, is linked to Andrei Pavlovich, who previously acquired Volkswagen's Russian assets, according to AGR Automotive. The Auto dealer group Avilon, which supported Art-Finance in the Volkswagen deal, clarifies that it is not connected to Art-Finance and AGR Automotive.&nbsp;

(With inputs from Reuters)&nbsp;

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In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine.

In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine. According to Reuters, the sale, detailed in a regulatory filing, involves a significant financial setback, with Hyundai Motor anticipating a 287 billion won ($219.19 million) loss on the St. Petersburg plant, where operations were halted in March 2022. Hyundai Motor aims to finalise the deal with Russia's Art-Finance, incorporating a buyback option into the transaction, and expects to complete the process by December 28. While the company is set to receive a total of 10,000 roubles for the sale of all its Russian assets, the move aligns with a broader trend among major automakers opting for nominal fees and buyback options, potentially leaving the door open for future returns. Approval from Russia's government commission on foreign asset sales, known for requiring at least a 50 per cent discount on such deals, has been granted. Russian Industry and Trade Minister Denis Manturov, cited by the RIA news agency, stated that "Hyundai and Art-Finance are clarifying the parameters of the deal, including the buyback option.” Before the war in Ukraine, Hyundai and its affiliate Kia Corp were among the top three selling brands in Russia. However, with the global exodus of players and the influx of Chinese brands taking their place, Hyundai Motor's decision to sell aligns with the industry trend. Art-Finance, the acquiring entity, is linked to Andrei Pavlovich, who previously acquired Volkswagen's Russian assets, according to AGR Automotive. The Auto dealer group Avilon, which supported Art-Finance in the Volkswagen deal, clarifies that it is not connected to Art-Finance and AGR Automotive. (With inputs from Reuters) WATCH WION LIVE HERE

Hyundai's Strategic Exit: Korean carmaker to sell Russian plant for token amount amid market shifts

Along with electric vehicle manufacturer Lucid Motors, Hyundai Motors has signed a contract with Saudi Arabia's sovereign wealth fund to build a more than $500 million automobile assembly factory in the oil-rich country.

Hyundai & Lucid motors partner with Saudi wealth fund

In a move aimed at diversifying the oil-dependent economy, Hyundai Motor Co. has entered into an agreement with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to establish a car assembly plant worth over $500 million, according to a report by Bloomberg.

The report cited Park Jiwoo, from Hyundai’s external affairs team who indicated that this venture marks a significant step towards expanding the domestic auto industry, with plans to produce 50,000 vehicles annually. Further, Bloomberg cited her saying that the plant, situated at the King Abdullah Economic City near Jeddah, will be a joint effort, with PIF holding a 70 per cent stake, while Hyundai will retain the remaining 30 per cent.

The assembly plant, projected to commence operations in early 2026, is poised to cover an area spanning around 300,000 square meters. It will encompass the production of both electric vehicles (EVs) and traditional combustion engine cars, marking Hyundai's commitment to embracing emerging green technology while accommodating conventional market demands.

The ambitious project aligns with Saudi Crown Prince Mohammed bin Salman's vision of reducing the nation's reliance on oil revenue through diversification, with a focus on Jeddah as a key hub for the domestic automotive industry. PIF, a pivotal player in this initiative, has been at the forefront of this effort, having previously invested in the U.S.-based EV start-up Lucid Motors Inc. Their investment in Lucid led to the establishment of the company's first international facility in Saudi Arabia, showcasing the country's growing prominence in the electric vehicle sector.

Furthermore, PIF has ventured into the creation of its electric vehicle brand, "Ceer," while also making strategic international and domestic investments to secure essential metals and minerals needed to establish a robust supply chain for the burgeoning EV industry.

(With inputs from Bloomberg)

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In a move aimed at diversifying the oil-dependent economy, Hyundai Motor Co. has entered into an agreement with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to establish a car assembly plant worth over $500 million, according to a report by Bloomberg.

In a move aimed at diversifying the oil-dependent economy, Hyundai Motor Co. has entered into an agreement with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to establish a car assembly plant worth over $500 million, according to a report by Bloomberg. The report cited Park Jiwoo, from Hyundai’s external affairs team who indicated that this venture marks a significant step towards expanding the domestic auto industry, with plans to produce 50,000 vehicles annually. Further, Bloomberg cited her saying that the plant, situated at the King Abdullah Economic City near Jeddah, will be a joint effort, with PIF holding a 70 per cent stake, while Hyundai will retain the remaining 30 per cent. The assembly plant, projected to commence operations in early 2026, is poised to cover an area spanning around 300,000 square meters. It will encompass the production of both electric vehicles (EVs) and traditional combustion engine cars, marking Hyundai's commitment to embracing emerging green technology while accommodating conventional market demands. The ambitious project aligns with Saudi Crown Prince Mohammed bin Salman's vision of reducing the nation's reliance on oil revenue through diversification, with a focus on Jeddah as a key hub for the domestic automotive industry. PIF, a pivotal player in this initiative, has been at the forefront of this effort, having previously invested in the U.S.-based EV start-up Lucid Motors Inc. Their investment in Lucid led to the establishment of the company's first international facility in Saudi Arabia, showcasing the country's growing prominence in the electric vehicle sector. Furthermore, PIF has ventured into the creation of its electric vehicle brand, "Ceer," while also making strategic international and domestic investments to secure essential metals and minerals needed to establish a robust supply chain for the burgeoning EV industry. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia's wealth fund and Hyundai Motors to construct $500 million auto plant

Auto giants Hyundai & Kia are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires. The South Korean automakers are telling car owners to park outside and away from structures until repairs are complete. The automakers say internal brake fluid leaks can cause an electrical short that could lead to a fire.

Hyundai & Kia to recall 3.37 mn US vehicles over fire risks | World Business Watch

Korean automakers Kia and Hyundai have jointly initiated a recall of a staggering 3.37 million vehicles in the United States due to the risk of engine fires, prompting vehicle owners to park their cars outside and away from structures until the required repairs are completed.&nbsp;

Kia and Hyundai have taken this step in response to potential safety concerns raised by the National Highway Traffic Safety Administration (NHTSA). The issue at hand revolves around internal brake fluid leaks that have the potential to trigger electrical shorts, leading to potential fires. The NHTSA has echoed the automakers' advice, urging vehicle owners to follow their guidance and park their cars outdoors until the essential repairs have been executed.&nbsp;

According to the NHTSA, Hyundai has reported 21 fires and 21 other thermal problems associated with the recall since 2017. On the other hand, Kia has reported at least 10 confirmed fire and melting occurrences. There have been no accidents, injuries, or deaths linked to the recalls, according to either automaker.&nbsp;

The recall issued by Kia America covers an extensive range of models, including Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul, Rio, Sorento, and Rondo vehicles. These recalls span various model years from 2010 through 2017. The specific issue pertains to the Hydraulic Electronic Control Unit (HECU), which may experience an electrical short as a result of brake fluid leaks. This electrical short has the potential to lead to engine compartment fires, whether the vehicle is parked or in motion.&nbsp;

On the other hand, Hyundai's recall affects approximately 1.64 million vehicles, encompassing models like Elantra, Genesis Coupe, Sonata Hybrid, Accent, Azera, Veloster, Santa Fe, Equus, Veracruz, Tucson, Tucson Fuel Cell, and Santa Fe Sport. These recalls encompass model years from 2011 through 2015. The issues in Hyundai vehicles is linked to the Anti-Lock Brake System (ABS) module, which may internally leak brake fluid and cause an electrical short, subsequently leading to engine compartment fires when the vehicle is stationary or in operation.&nbsp;

Hyundai intends to advise customers to take their cars to a dealer to have the ABS module fuse replaced. According to NHTSA, Kia is still developing a solution. The recall will be announced to owners by the automakers in November.&nbsp;

(With inputs from Reuters)&nbsp;

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Korean automakers Kia and Hyundai have jointly initiated a recall of a staggering 3.37 million vehicles in the United States due to the risk of engine fires, prompting vehicle owners to park their cars outside and away from structures until the required repairs are completed.

Korean automakers Kia and Hyundai have jointly initiated a recall of a staggering 3.37 million vehicles in the United States due to the risk of engine fires, prompting vehicle owners to park their cars outside and away from structures until the required repairs are completed. Kia and Hyundai have taken this step in response to potential safety concerns raised by the National Highway Traffic Safety Administration (NHTSA). The issue at hand revolves around internal brake fluid leaks that have the potential to trigger electrical shorts, leading to potential fires. The NHTSA has echoed the automakers' advice, urging vehicle owners to follow their guidance and park their cars outdoors until the essential repairs have been executed. According to the NHTSA, Hyundai has reported 21 fires and 21 other thermal problems associated with the recall since 2017. On the other hand, Kia has reported at least 10 confirmed fire and melting occurrences. There have been no accidents, injuries, or deaths linked to the recalls, according to either automaker. The recall issued by Kia America covers an extensive range of models, including Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul, Rio, Sorento, and Rondo vehicles. These recalls span various model years from 2010 through 2017. The specific issue pertains to the Hydraulic Electronic Control Unit (HECU), which may experience an electrical short as a result of brake fluid leaks. This electrical short has the potential to lead to engine compartment fires, whether the vehicle is parked or in motion. On the other hand, Hyundai's recall affects approximately 1.64 million vehicles, encompassing models like Elantra, Genesis Coupe, Sonata Hybrid, Accent, Azera, Veloster, Santa Fe, Equus, Veracruz, Tucson, Tucson Fuel Cell, and Santa Fe Sport. These recalls encompass model years from 2011 through 2015. The issues in Hyundai vehicles is linked to the Anti-Lock Brake System (ABS) module, which may internally leak brake fluid and cause an electrical short, subsequently leading to engine compartment fires when the vehicle is stationary or in operation. Hyundai intends to advise customers to take their cars to a dealer to have the ABS module fuse replaced. According to NHTSA, Kia is still developing a solution. The recall will be announced to owners by the automakers in November. (With inputs from Reuters) WATCH WION LIVE HERE

Kia, Hyundai announce massive recall of 3.37 million US vehicles amid fire safety concerns

Hyundai and&nbsp;Kia&nbsp;are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete.

The automakers say internal brake fluid leaks can cause an electrical short that could lead to a fire. The National Highway Traffic Safety Administration (NHTSA) said owners should follow the advice of automakers and park vehicles outside until repairs are made.

Hyundai said it has reports of 21 fires and 21 other thermal incidents since 2017 related to the recall, while&nbsp;Kia&nbsp;has reports of at least 10 confirmed fires and melting incidents. Neither automaker has reports of any crashes, injuries or fatalities or crashes tied to the recalls, NHTSA said.

Kia&nbsp;America's recall covers 1.73 million Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul Rio, Sorento, and Rondo vehicles. The recall covers various model years for each vehicle from 2010 through 2017, according to a filing with NHTSA.

The Hydraulic Electronic Control Unit (HECU) in the vehicles may experience an electrical short as a result of brake fluid leaks, which can result in an engine compartment fire while parked or driving, the automaker said.

Hyundai is recalling 1.64 million Elantra, Genesis Coupe, Sonata Hybrid, Accent, Azera, Veloster, Santa Fe, Equus, Veracruz, Tucson, Tucson Fuel Cell, and Santa Fe Sport vehicles from model years covering 2011 through 2015.

The Anti-Lock Brake System (ABS) module may leak brake fluid internally and cause an electrical short, which can result in an engine compartment fire while parked or driving, the carmaker said in the filing.

Hyundai plans to notify owners to bring vehicles to a dealer to replace the ABS module fuse.&nbsp;Kia&nbsp;is still working on a remedy, NHTSA said. The automakers plan to notify owners of the recall in November.

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Hyundai and Kia are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete.

Hyundai and Kia are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete. The automakers say internal brake fluid leaks can cause an electrical short that could lead to a fire. The National Highway Traffic Safety Administration (NHTSA) said owners should follow the advice of automakers and park vehicles outside until repairs are made. Hyundai said it has reports of 21 fires and 21 other thermal incidents since 2017 related to the recall, while Kia has reports of at least 10 confirmed fires and melting incidents. Neither automaker has reports of any crashes, injuries or fatalities or crashes tied to the recalls, NHTSA said. Kia America's recall covers 1.73 million Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul Rio, Sorento, and Rondo vehicles. The recall covers various model years for each vehicle from 2010 through 2017, according to a filing with NHTSA. The Hydraulic Electronic Control Unit (HECU) in the vehicles may experience an electrical short as a result of brake fluid leaks, which can result in an engine compartment fire while parked or driving, the automaker said. Hyundai is recalling 1.64 million Elantra, Genesis Coupe, Sonata Hybrid, Accent, Azera, Veloster, Santa Fe, Equus, Veracruz, Tucson, Tucson Fuel Cell, and Santa Fe Sport vehicles from model years covering 2011 through 2015. The Anti-Lock Brake System (ABS) module may leak brake fluid internally and cause an electrical short, which can result in an engine compartment fire while parked or driving, the carmaker said in the filing. Hyundai plans to notify owners to bring vehicles to a dealer to replace the ABS module fuse. Kia is still working on a remedy, NHTSA said. The automakers plan to notify owners of the recall in November. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Kia, Hyundai recall 3.37 million US vehicles over fire risks

The dangerous trend of stealing cars,&nbsp;particularly of the Hyundai and Kia models, has witnessed a 19 per cent surge this year in&nbsp;New York, the city's police department informed earlier this week.&nbsp;

“We have seen double-digit increases,&nbsp;it’s simply not acceptable," said&nbsp;Police Commissioner Edward Caban, during a press conference.&nbsp;

"Most of us know someone who has had their car stolen.&nbsp;We understand that for those who have unfortunately experienced this crime, it is an invasion of your space. Our vehicles are often extensions of ourselves and of our homes."

Reports state that approximately 10,600 car thefts have been reported in the five boroughs (Brooklyn, the Bronx, Manhattan, Queens, and Staten Island) of the city, which is a significant increase from around 9,000 thefts reported during the same period last year.&nbsp;

Speaking on the crisis, city Mayor&nbsp;Eric Adams said:&nbsp;"We are going to take the wheel of this crisis and drive it and put it on the right path."

<a href="https://www.wionews.com/videos/hyundai-kia-software-upgrade-to-83-million-vehicles-562681">WATCH |&nbsp;Hyundai, Kia: Software upgrade to 8.3 million vehicles</a>

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<h2>NY City sues South Korean carmakers&nbsp;</h2>

While car thefts are on the rise, New York City earlier this year announced it was suing South Korean carmakers for manufacturing cars that are too easy to steal.&nbsp;

New York argued that the carmaker did not install anti-theft devices called immobilizers on most of their cars between 2011&nbsp;and 2022, making it easy to steal them.&nbsp;Through the lawsuit, the city&nbsp;aims "to hold the two companies accountable".

Notably, New York City&nbsp;joined the likes of&nbsp;Baltimore, Cleveland, Milwaukee, San Diego, and Seattle to sue the South Korean automakers.&nbsp;

<a href="https://www.wionews.com/world/us-city-to-sue-kia-and-hyundai-for-making-cars-easier-to-steal-in-the-viral-tiktok-challenge-523867">Also read |&nbsp;US city to sue Kia and Hyundai for making cars easier to steal in the viral TikTok challenge</a>

<h2>‘Explosion’ of car thefts</h2>

Notably, Hyundai is the parent company of Kia but the two companies operate separately. The uptick in thefts was reported after a TikTok challenge surfaced last year wherein&nbsp;Kia and Hyundai cars which still use mechanical keys and not electronic systems were targetted by clout-chasing influencers.&nbsp;

The lack of anti-theft measures made the cars more vulnerable to larceny. The challenge egged the users on the app to take advantage and steal the cars using minimal tools. The thieves took videos of them stealing the cars and posted them on the ByteDance-owned platform with the hashtag&nbsp;“Kia Boys”.&nbsp;

(With inputs from agencies)

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The dangerous trend of stealing cars, particularly of the Hyundai and Kia models, has witnessed a 19 per cent surge this year in New York, the city's police department informed earlier this week.

The dangerous trend of stealing cars, particularly of the Hyundai and Kia models, has witnessed a 19 per cent surge this year in New York, the city's police department informed earlier this week. “We have seen double-digit increases, it’s simply not acceptable," said Police Commissioner Edward Caban, during a press conference. "Most of us know someone who has had their car stolen. We understand that for those who have unfortunately experienced this crime, it is an invasion of your space. Our vehicles are often extensions of ourselves and of our homes." Reports state that approximately 10,600 car thefts have been reported in the five boroughs (Brooklyn, the Bronx, Manhattan, Queens, and Staten Island) of the city, which is a significant increase from around 9,000 thefts reported during the same period last year. Speaking on the crisis, city Mayor Eric Adams said: "We are going to take the wheel of this crisis and drive it and put it on the right path." WATCH | Hyundai, Kia: Software upgrade to 8.3 million vehicles NY City sues South Korean carmakers While car thefts are on the rise, New York City earlier this year announced it was suing South Korean carmakers for manufacturing cars that are too easy to steal. New York argued that the carmaker did not install anti-theft devices called immobilizers on most of their cars between 2011 and 2022, making it easy to steal them. Through the lawsuit, the city aims "to hold the two companies accountable". Notably, New York City joined the likes of Baltimore, Cleveland, Milwaukee, San Diego, and Seattle to sue the South Korean automakers. Also read | US city to sue Kia and Hyundai for making cars easier to steal in the viral TikTok challenge ‘Explosion’ of car thefts Notably, Hyundai is the parent company of Kia but the two companies operate separately. The uptick in thefts was reported after a TikTok challenge surfaced last year wherein Kia and Hyundai cars which still use mechanical keys and not electronic systems were targetted by clout-chasing influencers. The lack of anti-theft measures made the cars more vulnerable to larceny. The challenge egged the users on the app to take advantage and steal the cars using minimal tools. The thieves took videos of them stealing the cars and posted them on the ByteDance-owned platform with the hashtag “Kia Boys”. (With inputs from agencies) WATCH WION LIVE HERE:

Car thefts soar 19% in New York City; cops blame TikTok challenge

After a dangerous TikTok trend led to indiscriminate stealing of cars in the US, particularly of the Hyundai and Kia models, the city of New York is suing the South Korean carmakers.&nbsp;

The city accused the automakers of negligence and creating a public nuisance by selling vehicles that are too easy to steal. New York argued that the carmaker did not install anti-theft devices called immobilizers on most of their cars between 2011&nbsp;and 2022, making it easy to steal them.&nbsp;

“In electing profits over safety and deviating from industry norms by not including engine immobilizers as a standard safety feature, defendants created and maintained a public nuisance,” read the filing submitted to the US&nbsp;District Court in the Southern District of New York.

“This case is a clear example of what happens to public safety when car manufacturers choose not to include standard anti-theft technology in their cars,” the filing added.

“Making sure cars are not easy to steal protects both property and the public by keeping dangerous drivers in stolen vehicles off the roads,” it said

<a href="https://www.wionews.com/videos/hyundai-kia-software-upgrade-to-83-million-vehicles-562681">WATCH |&nbsp;Hyundai, Kia: Software upgrade to 8.3 million vehicles</a>

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&nbsp;

<h2>‘Explosion’ of car thefts&nbsp;</h2>

Through the lawsuit, the City aims "to hold the two companies accountable". It added that number of stolen Hyundais and Kias doubled last year, followed by an "explosion of thefts" in the first four months of 2023 with 977 reported thefts, compared to 148 in the same period last year.&nbsp;

“This represents a roughly 660% increase in thefts of Kia and Hyundai vehicles as compared to those same months in 2022, when there were only 148 such thefts,” it said.

Notably, Hyundai is the parent company of Kia but the two companies operate separately. The uptick in thefts was reported after a TikTok challenge surfaced last year wherein&nbsp;Kia and Hyundai cars which still use mechanical keys and not electronic systems were targetted by clout-chasing influencers.&nbsp;

The lack of anti-theft measures made the cars more vulnerable to larceny. The challenge egged the users on the app to take advantage and steal the cars using minimal tools. The thieves took videos of them stealing the cars and posted them on the ByteDance-owned platform with the hashtag&nbsp;“Kia Boys”.&nbsp;

New York City has joined the likes of&nbsp;Baltimore, Cleveland, Milwaukee, San Diego, and Seattle to have sued the South Korean automaker.&nbsp;

(With inputs from agencies) 
&nbsp;

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After a dangerous TikTok trend led to indiscriminate stealing of cars in the US, particularly of the Hyundai and Kia models, the city of New York is suing the South Korean carmakers.

After a dangerous TikTok trend led to indiscriminate stealing of cars in the US, particularly of the Hyundai and Kia models, the city of New York is suing the South Korean carmakers. The city accused the automakers of negligence and creating a public nuisance by selling vehicles that are too easy to steal. New York argued that the carmaker did not install anti-theft devices called immobilizers on most of their cars between 2011 and 2022, making it easy to steal them. “In electing profits over safety and deviating from industry norms by not including engine immobilizers as a standard safety feature, defendants created and maintained a public nuisance,” read the filing submitted to the US District Court in the Southern District of New York. “This case is a clear example of what happens to public safety when car manufacturers choose not to include standard anti-theft technology in their cars,” the filing added. “Making sure cars are not easy to steal protects both property and the public by keeping dangerous drivers in stolen vehicles off the roads,” it said WATCH | Hyundai, Kia: Software upgrade to 8.3 million vehicles × ‘Explosion’ of car thefts Through the lawsuit, the City aims "to hold the two companies accountable". It added that number of stolen Hyundais and Kias doubled last year, followed by an "explosion of thefts" in the first four months of 2023 with 977 reported thefts, compared to 148 in the same period last year. “This represents a roughly 660% increase in thefts of Kia and Hyundai vehicles as compared to those same months in 2022, when there were only 148 such thefts,” it said. Notably, Hyundai is the parent company of Kia but the two companies operate separately. The uptick in thefts was reported after a TikTok challenge surfaced last year wherein Kia and Hyundai cars which still use mechanical keys and not electronic systems were targetted by clout-chasing influencers. The lack of anti-theft measures made the cars more vulnerable to larceny. The challenge egged the users on the app to take advantage and steal the cars using minimal tools. The thieves took videos of them stealing the cars and posted them on the ByteDance-owned platform with the hashtag “Kia Boys”. New York City has joined the likes of Baltimore, Cleveland, Milwaukee, San Diego, and Seattle to have sued the South Korean automaker. (With inputs from agencies) WATCH WION LIVE HERE:

New York too sues Hyundai, Kia for making ‘too easy to steal’ cars, ‘explosion’ of thefts 

Over a period of 10 years (2023-32), South Korean automaker Hyundai will be investing USD&nbsp;2.5 billion (INR 20,000 crore) in India. This investment is&nbsp;aimed at scaling up the firm's existing manufacturing operations of electric vehicles and internal combustion engine vehicles, developing an Electric Vehicle (EV) ecosystem, setting up EV charging stations and establishing an EV battery assembly unit.

Unsoo Kim, MD and&nbsp;CEO&nbsp;of Hyundai Motor India Limited (HMIL) has signed a Memorandum of Understanding with the Tamil Nadu government in this regard.&nbsp;The MoU was exchanged in the presence of top officials from HMIL and the Tamil Nadu government led by Chief Minister MK Stalin.

"As part of our long-term vision, we have finalised plans to develop and establish Tamil Nadu as a base for Hyundai's EV manufacturing in India," said Unsoo Kim. He added that this investment would be utilised to set up a battery pack assembly unit with the capacity to assemble 1,78,000 units per year. In addition to this, the firm would install 100 EV charging stations at key locations on major highways over a period of five years.&nbsp;

Tamil Nadu Chief Minister MK Stalin recalled how his father and then Chief Minister M&nbsp;Karunanidhi had laid the foundation stone for the first Hyundai factory in Chennai, in the year 1996. Tracing the growth of Hyundai, he said that the South Korean firm is now the second-largest carmaker in India and the largest exporter of cars from the country. He also added that in terms of the manufacture of automobiles and automobile components, Tamil Nadu has been the leading state in India. Coinciding with its 25th-year milestone in India, Hyundai also rolled out its millionth car made in the country, in the year 2021.&nbsp;

Speaking to WION, Hyundai's AVP, of Corporate Affairs, Puneet Anand said that the firm will be expanding its automobile manufacturing capacity in the Chennai factory.

"Outside Korea, India is the single largest manufacturing hub of Hyundai, and we will be scaling up the manufacturing capacity from the current&nbsp;775,000&nbsp;(7.75 lakh) cars per annum to&nbsp;850,000&nbsp;(8.5 lakh). We export made-in-India cars to 88 countries," he added.

According to him, the latest investment by Hyundai is focussed on sustainable mobility and assembling EV batteries locally and it'll eventually bring down the cost of electric vehicles in the country. The firm also announced that it will also be launching a range of electric vehicles across price segments in India.&nbsp;

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Over a period of 10 years (2023-32), South Korean automaker Hyundai will be investing USD 2.5 billion (INR 20,000 crore) in India. This investment is aimed at scaling up the firm's existing manufacturing operations of electric vehicles and internal combustion engine vehicles, developing an Electric Vehicle (EV) ecosystem, setting up EV charging stations and establishing an EV battery assembly unit.

Over a period of 10 years (2023-32), South Korean automaker Hyundai will be investing USD 2.5 billion (INR 20,000 crore) in India. This investment is aimed at scaling up the firm's existing manufacturing operations of electric vehicles and internal combustion engine vehicles, developing an Electric Vehicle (EV) ecosystem, setting up EV charging stations and establishing an EV battery assembly unit. Unsoo Kim, MD and CEO of Hyundai Motor India Limited (HMIL) has signed a Memorandum of Understanding with the Tamil Nadu government in this regard. The MoU was exchanged in the presence of top officials from HMIL and the Tamil Nadu government led by Chief Minister MK Stalin. "As part of our long-term vision, we have finalised plans to develop and establish Tamil Nadu as a base for Hyundai's EV manufacturing in India," said Unsoo Kim. He added that this investment would be utilised to set up a battery pack assembly unit with the capacity to assemble 1,78,000 units per year. In addition to this, the firm would install 100 EV charging stations at key locations on major highways over a period of five years. Tamil Nadu Chief Minister MK Stalin recalled how his father and then Chief Minister M Karunanidhi had laid the foundation stone for the first Hyundai factory in Chennai, in the year 1996. Tracing the growth of Hyundai, he said that the South Korean firm is now the second-largest carmaker in India and the largest exporter of cars from the country. He also added that in terms of the manufacture of automobiles and automobile components, Tamil Nadu has been the leading state in India. Coinciding with its 25th-year milestone in India, Hyundai also rolled out its millionth car made in the country, in the year 2021. Speaking to WION, Hyundai's AVP, of Corporate Affairs, Puneet Anand said that the firm will be expanding its automobile manufacturing capacity in the Chennai factory. "Outside Korea, India is the single largest manufacturing hub of Hyundai, and we will be scaling up the manufacturing capacity from the current 775,000 (7.75 lakh) cars per annum to 850,000 (8.5 lakh). We export made-in-India cars to 88 countries," he added. According to him, the latest investment by Hyundai is focussed on sustainable mobility and assembling EV batteries locally and it'll eventually bring down the cost of electric vehicles in the country. The firm also announced that it will also be launching a range of electric vehicles across price segments in India. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Hyundai to invest $2.5bn in India, scale up production at its largest manufacturing hub outside Korea

India is gaining prominence as it positions itself to replace China as a manufacturing hub. With the world's largest population, a rapidly growing middle class, and some of the top manufacturers, India provides an ideal investment opportunity for manufacturers to set up their production facilities. The most recent entrant is Hyundai, which signed a deal with the tamil nadu government. The South Korean automaker will invest 2.5 billion dollars over the next 10 years to manufacture electric vehicles in the country.

Explained: India's manufacturing appeal

Do you think the electric Hummer's 10-degree crab walk is incredible? Then what Hyundai's parts division Mobis has shown will make your jaw drop! At the 2023 Consumer Electronics Show in Las Vegas, Hyundai Mobis unveiled a new vehicle steering technology called the e-Corner System. And now, just a few months later, the South Korean automaker has demonstrated this technology using a modified IONIQ 5 prototype. So, what can this system do? Here's a look.

New Hyundai e-Corner system on IONIQ 5: Say goodbye to parking problems! | WION Pitstop

The sedan segment in India has been gathering steam ever since Volkswagen and Skoda launched the Virtus and Slavia, respectively. Recently, Honda also stepped up its game by launching the City facelift. And now, to give these rivals a tough fight, Hyundai has launched the all-new 2023 Verna, the 6th generation of the sedan, with introductory prices starting from INR 10.90 lakh and going up to INR 17.38 lakh ($13,191-21,034). We drove the new 1.5-litre turbo petrol version to see just how capable the most powerful sedan in the segment is. Here's our first-drive review of the 2023 Hyundai Verna.

2023 Hyundai Verna First Drive Review - Better than Honda City, Virtus and Slavia? | WION Pitstop

The city of Saint Louis, Missouri, has joined a number of other significant American towns in suing Korean automakers Hyundai and Kia for failing to install NT theft technology in millions of vehicles, according to the latest news from Auto World.

City of St. Louis, Missouri sues Hyundai and Kia over car thefts

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