[Q&A] Chairman Chung Eui-sun: "Procured Funds to be Invested in Advanced Technology and Talent Education"

"Electric Vehicle Chasm to Recover in 6-7 Years"

Jung Eui-sun, Chairman of Hyundai Motor Group, announced on the 22nd (local time) that the funds raised through the IPO of Hyundai Motor India would be invested mainly in advanced technology and software. He emphasized the intention to become a local company. Below is a Q&A session between Chairman Jung and the press.

Hyundai Motor Group Chairman Chung Euisun is interviewed by the press after the listing ceremony at the Bombay Stock Exchange in Mumbai, India, on the 22nd (local time).
[Photo by Hyundai Motor Group]

Q. What significance does this IPO hold?

A (Chairman Jung Eui-sun). We first entered India in 1996 and started production and sales at this factory. It is very meaningful. We see the Indian market as having limitless potential. Therefore, through the IPO, we aim to produce and sell better products, get closer to local consumers, and recognize the importance of being a major player in the Indian market. We also have a sense of mission to advance as a company that meets international standards through the IPO.

Q. You mentioned that the Indian market is limitless, but is it limited only to India?

A. While domestic demand in India is large, we also export a lot from the Indian market, so we can develop overseas markets together. India's technology development and information technology (IT) sector are rapidly advancing. I believe there will be many areas for cooperation in the future.

Q. Will India become a hub?

A. There are many countries around India, and Europe is not far away. There are many markets. I think India can sufficiently cover those markets.

Hyundai Motor Group Chairman Chung Euisun (center) is ringing the bell at the listing ceremony on the 22nd (local time).
[Photo by Hyundai Motor Group]

Q. During the IPO process, there was a downturn in the automobile market, especially a slowdown in electric vehicle demand. What are your thoughts?

A. Regarding the current electric vehicle chasm (temporary demand stagnation), there are issues with charging infrastructure and battery costs. These are areas where technology development and cost reduction are possible over time. Like other manufacturers, I believe many aspects will recover in about 6 to 7 years. The Indian government emphasizes the importance of the environment for electric vehicles as a policy. If technology and costs align, I think it is only a matter of time before the market rapidly shifts to electric vehicles.

Q. Why do you emphasize social responsibility?

A. We are actively engaged in CSR (Corporate Social Responsibility) activities. Since many people in India face difficulties, those individuals should benefit from mobility and other advantages. I believe it is the mission of companies, including Hyundai Motor Group, to provide opportunities and experiences to many people, including low-income groups, so they can grow into talented individuals.

Q. You raised the largest amount of funds in the history of the Indian stock market. What are your plans for fund allocation or additional fundraising?

A. The funds will be reinvested in India. We expect to invest heavily in advanced technologies and software, including electric vehicles, hydrogen fuel cell vehicles, connectivity, and mobility services.

Chairman Chung Euisun of Hyundai Motor Group (center) is lighting a candle to signify the start of the event.
[Photo by Hyundai Motor Group]

Q. Are there any plans to further expand the factory?

A. The (Pune) factory is planned to open in 2026, and for now, we intend to proceed at that scale. We will mainly invest in producing vehicles that incorporate advanced technology and appeal to younger generations. We also plan to invest significantly in education, especially technical education, to nurture excellent talent within India.

Q. What did you discuss with Prime Minister Modi?

A. I explained the IPO in advance. I told him that we would invest more with the resources generated from it. I believe the government will watch closely and provide support. India has many excellent companies. I have always respected Tata. I expressed my condolences on the passing of Ratan Tata, former Chairman of the Tata Group. We also want to succeed in India and become a good company like Tata, and I hope that happens. The government said it would take an interest and watch over us.

This content was produced with the assistance of AI translation services.