Hyundai Shifts Gears In India With EV Drive
Euisun Chung.
This story is part of Forbes' coverage of Korea's Richest 2025. See the full list here.
Leveraging its nearly three-decade-long track record in India, auto billionaire Euisun Chung's Hyundai Motor Group listed its Indian unit last October, raising $3.3 billion in the country's largest-ever IPO.
ss
Hyundai Motor India, which contributes around 15% to the parent company's global sales by volume, has gained traction from India's rising middle class with popular models such as the Creta, a midsize SUV.
Despite the IPO buzz, shares are down 13% since the listing. The Indian unit reported a dip in sales and an 18% drop in net profit for the third quarter ended December. In February, it ceded its spot as India's second-largest automaker by domestic sales to Mahindra & Mahindra, controlled by billionaire Anand Mahindra.
To rev things up, Hyundai India has embarked on an EV drive. After launching the Ioniq 5 premium SUV in 2023, it introduced the electric version of Creta in January. Four additional EV models are due by 2030, when it hopes to have 600 fast-charging EV stations installed across the country, up from 50 currently.
In its home market, Hyundai may benefit from South Korea's emergency relief measures to protect its auto sector against U.S. tariffs. Announced in April, these measures include increasing policy financing support by 2 trillion won ($1.4 billion) to 15 trillion for 2025, lowering taxes on new purchases and extending EV subsidies.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
How much did Drake make on the Dave's Hot Chicken deal?
Like Toronto rapper Drake, the founders of Dave's Hot Chicken started from the bottom. This month, they may have all cashed in together. On June 2, the high flying chicken chain, which counts the music superstar as an investor, sold a 70 per cent majority interest to private equity firm Roark Capital in a deal that reportedly valued Dave's at US$1 billion (the deal's exact terms weren't disclosed). Atlanta-based Roark is known for its portfolio of major restaurant brands including Subway, Arby's, Dunkin' Donuts, Baskin Robbins and Buffalo Wild Wings, among others. The sale capped a dramatic rise in the fortunes of childhood friends Arman Oganesyan, Dave Kopushyan, Tommy Rubenyan and Gary Rubenyan, who pooled US$900 together in 2017 to start a pop-up selling Nashville-style chicken out of a parking lot in Los Angeles. After six months of hour-long lineups thanks to word of mouth and social media buzz, the company started slinging its tenders, sliders, fries and kale slaw out of its first bricks-and-mortar store in an East Hollywood strip mall. Eight years later, franchising has helped Dave's Hot Chicken grow exponentially into 315 store locations in the United States, Canada, the United Kingdom and the Middle East. Along the way, the chicken chain has benefited from a cult following and a troop of celebrity investors including Drake, who bought his minority stake in 2021. There's no doubt Drake's hype and social media buzz — the rapper has 142 million Instagram followers — has played a part in Dave's Hot Chicken's meteoric ascent. For the last three years, the superstar has celebrated his birthday on Oct. 24 by sponsoring a free chicken giveaway at Dave's Hot Chicken locations in Toronto. The latest valuation also marks a big jump from Dave's Hot Chicken's first deal in 2019, when the four co-founders sold a 50 per cent stake in the business for $2 million to a group of investors led by Bill Phelps, who became the company's chief executive, and movie producer John Davis. The investor group included such celebrities as actor Samuel L. Jackson, journalist Maria Shriver, television host and former NFL player Michael Strahan and Boston Red Sox chairman Tom Werner. The four co-founders reportedly split the remaining 50 per cent stake. At the time of the Roark Capital deal, Forbes reported that Phelps and Davis were the company's largest shareholders with 'roughly equal stakes' (though both declined to reveal exactly how much they owned). Each of the four co-founders owned around 10 per cent of the business and sold 80 per cent of their stakes, netting a cool US$80 million each (before taxes), according to Forbes. So, how much did Champagne Papi make off of the deal? Bloomberg reported that Drake was among the company's biggest investors when he bought his minority stake in 2021, but his exact ownership percentage and how much he paid for it has never been disclosed. If the founders owned a combined 40 per cent (10 per cent each) before the deal and Phelps and Davis were the biggest shareholders with roughly equal stakes, Drake would have to own less than 20 per cent of the chicken chain, with the likely total being much lower than that. With each percentage point worth a cool US$10 million, even a five per cent stake would be worth US$50 million. The Financial Post reached out to Dave's Hot Chicken for comment about whether Drake sold any of his shares as part of the deal, but did not receive a response. Dave's is not Drake's first foray into the food world, but it appears to be his most successful restaurant investment to date. The rapper has opened two Toronto eateries in the last decade: Frings, a venture with chef Susur Lee and his sons that opened in 2015 and closed three years later, and Pick 6ix, a sports bar that opened in early 2018 and closed by the end of 2019. 'I tried the food and it was amazing': Drake buys stake in Dave's Hot Chicken chain Tim Hortons partners with actor Ryan Reynolds on breakfast boxes The rapper has also reportedly invested in green tea retailer MatchaBar and plant-based chicken company Daring Foods Inc. (the same year he bought his stake in Dave's) and collaborated with U.S. entrepreneur Brent Hocking to launch his own whiskey brand (Virginia Black) and champagne (Mod Sélection). • Email: jswitzer@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Report: Trump's Businesses Rely on the Workers He's Deporting
Immigrant workers are keeping Trump's multiple estates running even as the president indiscriminately targets them for raids and deportation. Forbes reports that Trump has used at least 1,880 seasonal immigrant workers at Mar-a-Lago and other golf clubs since 2008. His winery has hired 31 since the year started, even as his administration is working to deport thousands every single day. These workers are on short-term temporary H-2A agricultural and H-2B hospitality visas—status that would very well put them at high risk of deportation if they weren't cleaning Trump's clubs. These workers make between $14.17 and $23.01 an hour working as servers, cooks, groundskeepers, and more. Wouldn't someone who claims to love American workers as much as Trump does, who waxes poetic about reinvigorating domestic markets, make it a point to staff his lavish estates with the U.S. laborers he's fighting for? It's clear that the president, like most avaricious businessmen, is cool with immigrant work—as long as it's cheap, noncommittal, and for him.
Yahoo
an hour ago
- Yahoo
Boeing CEO cancels airshow visit as investigation starts on India crash
Boeing and GE Aerospace are scaling back their public activities following the fatal crash of an Air India jetliner, with the planemaker's CEO cancelling his trip to the Paris Airshow next week and GE postponing an investor day. More than 240 people were killed when an Air India Boeing 787 jet bound for London crashed moments after taking off from the city of Ahmedabad on Thursday, authorities said, in the world's worst aviation disaster in a decade. Boeing CEO Kelly Ortberg said in a message to staff on Thursday evening that he and Boeing Commercial Airplanes boss Stephanie Pope had cancelled plans to attend the Paris Airshow 'so we can be with our team and focus on our customer and the investigation.' The airshow, which runs from June 16 to June 20 at Le Bourget, is the global aviation industry's largest trade show, where typically many aircraft orders are placed by airlines. Ortberg had been due to attend for the first time as Boeing CEO since being appointed to lead the company out of a series of back-to-back safety, industrial and corporate crises. Aircraft engine maker GE Aerospace, whose engines were in the Boeing 787 plane, had planned an investor day on June 17, coinciding with the show. GE said the briefing had been cancelled and it would put a team together to go to India and analyse data from the crashed aeroplane. 'GE Aerospace's senior leadership is focused on supporting our customers and the investigation,' the company said. It said it planned to give a financial update later this month. Safety experts stressed it was too early to speculate why one of the world's most modern airliners should crash shortly after takeoff. Accidents in that phase of flight are rare, said Paul Hayes, safety director at UK consultancy Cirium Ascend. The Indian investigation of the crash is currently focusing on the engine, flaps and landing gear, Reuters reported on Friday, citing an unnamed source, as the country's regulator ordered safety checks on Air India's entire Boeing-787 fleet. Under global aviation rules, India will lead the probe with support from NTSB investigators in the United States, who will, in turn, liaise with Boeing and GE on technical reduced attendance plans came as delegates said the crash had cast a sombre mood over the airshow, putting in doubt several order announcements and putting safety back in the spotlight alongside concerns about US tariffs. The world's largest aviation trade expo, running from June 16 to 20 in Le Bourget, usually gives aircraft and arms manufacturers a key stage to showcase deals and sets the tone for a global supply chain already under pressure from shortages. Boeing shares were down Friday, falling 3.8 percent, while GE Aerospace was down 2.4 percent. Boeing has cancelled some events and is unlikely to make any commercial order announcements at the show, though it will press ahead with low-key briefings on other topics, delegates said. One key expected announcement had been a potential order for dozens of Boeing jets, including the 787 from Royal Air Maroc. But the airline plans no announcement at the show, and this will also affect Airbus, which had been expected to sell it some 20 A220s, industry sources said. None of the companies had any comment on specific deals. Airbus CEO Guillaume Faury on Friday expressed condolences over the accident, and the world's largest planemaker was expected to observe a muted tone surrounding what had been expected to be a busy week for orders to meet high demand. One delegate said business would continue but with fewer of the high-profile news conferences and in-person announcements associated with the industry's biggest commercial showcase. Another said some order announcements could be delayed until later in the year as a mark of respect for victims. 'The show will be a lot more sombre, less celebratory,' said a delegate involved in planning one such announcement, speaking anonymously because the plans have not been publicly revealed. 'The show will go ahead as planned, but it will be more subdued and with less cheerleading,' the delegate said.
