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The automotive industry is undergoing a significant shift as companies aim to cut costs after years of excessive spending on electric and autonomous vehicles. Major players like GM and Ford are laying off thousands and restructuring to enhance capital efficiency, while Stellantis faces challenges despite achieving cost reductions post-merger. Analysts highlight the need for collaboration and shared resources to avoid the wasteful practices that have plagued the sector.
In a rare joint appearance, the chairmen of Toyota and Hyundai showcased their companies' high-performance vehicles at a racing festival in Yong-in, South Korea. Akio Toyoda and Euisun Chung highlighted the collaboration between rivals amid the growing trend of electrification, featuring rally cars and future-oriented models, including hydrogen-powered vehicles.
Hyundai is set to enhance its presence in India by manufacturing electric vehicles (EVs) and components, including battery systems and charging infrastructure, following its record IPO. The company aims to lead in corporate social responsibility and environmental governance while creating over 250,000 jobs since its entry in 1996. This move positions Hyundai as a key player in India's growing EV market, potentially attracting other automakers to follow suit.
Hyundai Motor Company’s Indian arm, Hyundai Motor India Ltd (HMIL), marked its IPO as a testament to the company's commitment to India, according to Executive Chair Euisun Chung. Despite a muted debut, with shares falling nearly 6% from the issue price of Rs 1,960, the Rs 27,870-crore offer was subscribed 2.37 times, driven by institutional interest.
Euisun Chung
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auto industry shifts focus to cost efficiency amid electric vehicle challenges
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