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Hyundai sees automotive demand recovery amid favourable govt policies
HMIL Managing Director Unsoo Kim acknowledged in the company's 2024-25 Annual Report -- its first since the company got listed on bourses -- how global disruptions and high base continues to pose challenges for the automotive industry. However, he believes that India's 'forward-looking policies and economic resilience,' including recent repo rate cuts and income tax relief, are creating a more favourable landscape for consumption-driven sectors.
Kim noted that with financing becoming more accessible, customer confidence is improving, which is expected to support demand recovery.
For the financial year 2025-26, HMIL projects its domestic growth to align with industry estimates of a low-single digit increase. A more robust performance is expected on the export front, with the company forecasting a 7-8 per cent volume growth, driven by strong demand for its products in emerging markets.
Hyundai also reported that SUVs accounted for 69 per cent of its domestic sales last year, with its flagship Creta maintaining over 30 per cent market share in the mid-size SUV segment.
The annual report also highlighted the company's vision for future growth.
Hyundai plans to commence vehicle production by the third quarter of FY26 at its new Pune facility, which aims to produce over 1 million units annually. The company also announced their plans to launch 26 new models and upgrades by FY30, including six electric vehicles (EVs) and 20 internal combustion engine (ICE) vehicles. This portfolio will be complemented by the introduction of eco-friendly powertrains like hybrids.
The annual report also shed light on director remuneration for the FY25. Unsoo Kim received a total remuneration of ₹7.06 crore, reflecting a 19.8 per cent increase year-on-year. This remuneration included salary, commission, perquisites, and a performance incentive. Tarun Garg, whole-time director, saw an increase of 38.7 per cent from the previous year reaching ₹5.50 crore.
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Business Standard
12 hours ago
- Business Standard
Hyundai sees automotive demand recovery amid favourable govt policies
Hyundai Motor India (HMIL) anticipates a near-to-mid-term recovery in automotive demand, supported by India's economic resilience and government policies which were creating favourable ground for the automobile and other consumption-driven sectors amid global uncertainties, the company said in its first annual report since going public. HMIL Managing Director Unsoo Kim acknowledged in the company's 2024-25 Annual Report -- its first since the company got listed on bourses -- how global disruptions and high base continues to pose challenges for the automotive industry. However, he believes that India's 'forward-looking policies and economic resilience,' including recent repo rate cuts and income tax relief, are creating a more favourable landscape for consumption-driven sectors. Kim noted that with financing becoming more accessible, customer confidence is improving, which is expected to support demand recovery. For the financial year 2025-26, HMIL projects its domestic growth to align with industry estimates of a low-single digit increase. A more robust performance is expected on the export front, with the company forecasting a 7-8 per cent volume growth, driven by strong demand for its products in emerging markets. Hyundai also reported that SUVs accounted for 69 per cent of its domestic sales last year, with its flagship Creta maintaining over 30 per cent market share in the mid-size SUV segment. The annual report also highlighted the company's vision for future growth. Hyundai plans to commence vehicle production by the third quarter of FY26 at its new Pune facility, which aims to produce over 1 million units annually. The company also announced their plans to launch 26 new models and upgrades by FY30, including six electric vehicles (EVs) and 20 internal combustion engine (ICE) vehicles. This portfolio will be complemented by the introduction of eco-friendly powertrains like hybrids. The annual report also shed light on director remuneration for the FY25. Unsoo Kim received a total remuneration of ₹7.06 crore, reflecting a 19.8 per cent increase year-on-year. This remuneration included salary, commission, perquisites, and a performance incentive. Tarun Garg, whole-time director, saw an increase of 38.7 per cent from the previous year reaching ₹5.50 crore.
Mint
13 hours ago
- Mint
North Korea capitalizes on Russia's help by expanding satellite launching facility
SEOUL—North Korea has accelerated construction of a launch site for spy satellites in recent months, including the addition of a seaport that could facilitate deliveries of new components from Russia. The expansion at the Sohae Satellite Launching Station, located on the country's west coast, would allow the regime of dictator Kim Jong Un to more quickly receive larger rocket components by sea than the current delivery method via railroad lines, security experts say. North Korea hasn't commented publicly on the recent expansion at Sohae. The build-out was seen in satellite imagery released last month, according to ICEYE, a satellite-imagery analysis firm. Then, last week, Sohae's new seaport was shown in satellite images to have a docking slip for large vessels, according to a separate analysis published last week by 38 North, a website affiliated with the Stimson Center, a Washington, D.C.-based think tank. The Sohae seaport highlights Kim's ambitions to advance his satellite program with Russian help, say security experts. Kim has pledged extensive military support to Russia for its war against Ukraine. In return, Russia has repaid him with air-defense systems, drone technology and protection against new sanctions. But Moscow's help with Kim's satellite technology represents a far more significant military gain in the long term, security experts say. That is because a space-based surveillance system not only improves Pyongyang's reconnaissance capabilities but also makes its long-range missile strikes aimed at the U.S. mainland potentially more precise. 'Russian help alone can reduce a 10-year process to just one or two years," said Yang Uk, a military expert at the Asan Institute for Policy Studies, a think tank in Seoul. North Korea's lack of spy satellites is a sore spot for Kim, who has made cultivating the technology a top military priority. Just a handful of countries—including Russia and the North's top foes, the U.S. and South Korea—can build and launch their own spy satellites. Pyongyang's current technology is rudimentary. In addition to the seaport, Pyongyang has been constructing new buildings, railroad lines and a larger assembly center for rockets at Sohae, according to Martyn Williams, the author of the 38 North report, who reviewed satellite imagery captured late last month. Kim has struggled to advance his satellite program and likely sought Russian expertise to troubleshoot problems from the botched attempts, he added. 'It's an elite club and North Korea wants to join," he said. In 2022, the Kim regime stopped saying its satellites were solely for peaceful purposes and rewrote its space law to allow for military uses of the technology. The United Nations has long banned North Korea from carrying out satellite launches, as they are seen as cover for ballistic-missile tests. Soon after declaring that space-based activity could be pursued for military purposes, North Korea's first two launch attempts failed. Weeks after the botched second attempt in August 2023, Kim met Russian President Vladimir Putin at Russia's main spaceport, where they toured a launchpad and a manufacturing site. When Russian media asked if Moscow could transfer space technology to North Korea, Putin gave a curt response. 'That's why we're here," he said. 'The North Korean leader shows great interest in rocket technology." North Korea soon placed its first spy satellite into orbit in November 2023. Russia helped analyze blueprints and data from the previous failed launches, South Korea's spy agency has said. Pyongyang claimed it had snapped photos of the White House and the Pentagon, though offered no proof. The North Korean spy satellite is orbiting the Earth though it appears nonoperational, South Korea's military has said. Kim outlined an ambitious target for 2024: He announced plans to launch three more spy satellites. Only one was attempted—and it ended with a fiery disaster. That failure likely involved rocket technology supplied by Russia, considering North Korea suddenly used a new type of engine, South Korea's spy agency said. At the time, many Russian technicians were also seen entering North Korea, likely to help with the satellite endeavors, other South Korean officials said. North Korea hasn't launched another spy satellite since the failure in May 2024. One potential explanation, according to military experts: The Kim regime is in the process of applying Russian technologies to increase the chances of successfully putting many more satellites into orbit. The next launch doesn't appear imminent, they say. To acquire space-reconnaissance capabilities, Pyongyang would have to deploy dozens of spy satellites of its own. Debris from previous failed launches also showed North Korea's satellites were only capable of capturing low-resolution imagery. North Korea is in the very early stages of gaining space-reconnaissance capabilities, including keeping satellites in orbit and transmitting imagery back, said Doo Jin-ho, a senior researcher at the Korea Research Institute for National Strategy, a think tank in Seoul. 'Russia can help every step of the way," Doo said. Write to Dasl Yoon at
Time of India
14 hours ago
- Time of India
Hyundai to introduce Genesis luxury brand in India, eyes premium market expansion
Hyundai Motor India is gearing up to launch its global luxury marque, Genesis, in the Indian market as part of a broader strategy to tap into the country's rapidly expanding premium car segment. The plan, detailed in the company's FY 2024–25 Annual Report, marks Hyundai's first formal foray into India's luxury automotive space. Positioned as a standalone luxury brand, Genesis will operate independently of Hyundai's mainstream portfolio. The company plans to establish Genesis through curated experiences, digital-first retail formats, and premium customer engagement — moving away from conventional dealership-led sales models. The first wave of Genesis models in India is expected to arrive as completely built units (CBUs), showcasing the brand's global bestsellers — likely including its flagship G80 sedan and GV80 SUV. Over time, Hyundai will evaluate localised assembly for select models to make pricing more competitive and explore exports to other right-hand-drive markets. While a specific launch date hasn't been confirmed, Hyundai said that market feasibility studies, homologation, and retail strategy development are already in motion. In the long term, Hyundai also sees potential in using India as a manufacturing and export base for Genesis vehicles, especially to emerging right-hand-drive luxury markets, further reinforcing India's growing role in Hyundai's global operations.
