Despite a much-anticipated IPO, Hyundai Motor India's shares debuted below the expected price, causing disappointment among investors. However, the company has announced plans to expand into the lucrative electric vehicle market in India and modernize its plant in Tamil Nadu with an investment of Rs 1,500 crores. This move comes as the company aims to establish itself as a leader in the Indian automobile industry and cater to the increasing demand for environmentally friendly vehicles.
With the approval of the Hyundai Motor India IPO by Sebi and a debut share price below the IPO price, the company has announced plans for significant growth and expansion. This includes exporting electric vehicles to South Africa, building a mega test center in Telangana, and launching full EV models such as the Creta EV. Additionally, they will also be investing in upgrading their Tamil Nadu plant and establishing a hydrogen innovation center at IIT Madras. This move showcases Hyundai's commitment to investing and modernizing in India, which will have a significant impact on the automotive industry.
Indian subsidiary of South Korean automotive giant Hyundai Motor is making its highly anticipated debut on the Indian stock market this week with a record-breaking IPO of $3.3 billion. This marks a major milestone for the company as it becomes the largest IPO in Indian history, surpassing the previous record set by LIC in 2022. Hyundai's strong market position in India, with 765,000 vehicles produced last year, is expected to drive further growth and success for the company.
Get ready for a massive boom in the Indian EV market as automakers like Tata Motors gear up to launch 15 upcoming electric SUVs in 2024. This includes models like Tata Punch EV, Tata Harrier EV, Tata Safari EV, and a new SUV called CURVV. Expect impressive range, powerful motors, and modern designs with advanced technology and connectivity options.