Hyundai Financial News

A majority of workers at a Mercedes-Benz plant near Tuscaloosa, Alabama, are calling for a vote to join the United Auto Workers union, which is on a drive to sign up non-union plants across the country

SUVs) are wildly popular in India, with the segment now accounting for every second car sold. But going by the official definition of an SUV, such vehicles account for only about a 10th of the total sales volume. That's because just a third of the 47 models with SUV branding sold in the Indian market have an engine capacity of 1,500 cc and above, a length of 4 metres and more, and ground clearance of 170 mm and higher. Those are the criteria based on which a vehicle is defined as an SUV for the purpose of computing goods and services tax (GST). Total car sales rose to a record 4.23 million units in the last financial year, up 8.7% from the previous year, with the big-time shift to SUVs — which crossed the 50% market-share mark for the first time in FY24 — having ostensibly underscored the surge.

₹7.73 lakh onwards (ex-showroom, Delhi), the Urban Cruiser Taisor emerges as an accessible choice in the subcompact SUV segment. Drawing inspiration from the Maruti Suzuki Fronx, the Urban Cruiser Taisor shares its foundation while exuding a distinct identity through refreshed styling cues. Notably, the SUV showcases a striking front facade with a bold honeycomb mesh grille in gloss black finish, complemented by twin LED DRLs and the iconic Toyota emblem at the center.

In September, Hyundai and Kia issued a recall of 3.4 million of its vehicles in the United States with an ominous warning: The vehicles should be parked outdoors and away from buildings because they risked catching fire, whether the engines were on or off

NEW DELHI : Rural India emerged as the driving force behind the record-breaking sales of passenger vehicles in FY24, which crossed the 4-million-mark for the first time in a year, despite the demand for hatchbacks that have typically dominated car purchases in the countryside continuing to slide. In FY24, a total 4.23 million passenger vehicles were sold in India, rising 8.7% from 3.89 million units the previous year, which was also a record. One in every two of these vehicles sold last fiscal year was a sports utility vehicle, or an SUV, a segment that saw the sharpest growth of 28% in FY24, while sales of hatchbacks, or small, mini or compact cars, accounted for 28% of the industry’s total sales, declining 12% from the year before.

upcoming cars expected to debut in April this year. Among the key highlights is Toyota Motor's much-anticipated unveiling of the Urban Cruiser Taisor, a compact SUV that takes inspiration from the Maruti Suzuki Fronx. This marks Toyota's fourth collaboration with Maruti Suzuki in India, underscoring the strategic alliance between the two automotive giants.

Georgia lawmakers have agreed to change a state law so that a private utility can provide water service to homes near Hyundai's upcoming electric vehicle plant without permission from local governments

Here’s what to know about the cargo ship that crashed into Baltimore’s Francis Scott Key Bridge, causing it to collapse and leaving six construction workers presumed dead

Hyundai Creta, Maruti Suzuki Grand Vitara, Kia Seltos and Mahindra XUV700 from customers in Australia, Latin America and Southeast Asia. According to industry estimates, Indian carmakers are set to ship more than 675,000 vehicles in the fiscal year that ends March 31, recovering from a low of 404,000 reported in the aftermath of the pandemic in FY21. Around 663,000 cars were exported from the country in the last financial year. Vehicle exports were dominated by Maruti Suzuki and Hyundai, which together accounted for two-thirds of all cars shipped out of the country.

advertising budgets by as much as 80% in the April-June quarter from the year-earlier period as they look to expand exposure and reach with media consumption set to surge during the general elections, the Indian Premier League (IPL) and the T20 World Cup. Maruti Suzuki, Tata Motors, Hyundai Motors, Dabur and Godrej Appliances among others said they will be increasing their ad budgets for the next quarter. Overall spending may surpass that of the festive season because of the confluence of events, experts said. Marketers said the increased spend will be on print, broadcast and digital media.

Musk surely knows how to control the narrative and the noise. His relentless honking at Raisina Hill’s policy making precinct for the last 4 long years did electrify the imagination of the government bureaucracy. That is why the auto industry executives in private see Narendra Modi government’s recently announced new electric vehicle policy, the last business before the announcement before the 2024 elections, predominantly as a red carpet rollout for just one eccentric billionaire: Musk. Even then to straight jacket the initiative as ‘The Tesla policy’ is a cynical response: The timebound and ceiling based 55-85% import duty cut on electric cars above a certain value, linked to specific localisation and investment milestones to boost domestic manufacturing would benefit incumbents Tata Motors, Hyundai, VW Group as much as it would Musk or accelerate the plans of Phat Nhat Vuong, founder of Vietnamese OEM VinFast, that has been looking to set up base in Tamil Nadu. Predictably therefore, the initial outrage of local players has evaporated post the announcement!

Workers at Volkswagen’s factory in Chattanooga, Tennessee, will vote next month on whether they want to be represented by the United Auto Workers union

Tata Motors, as well as luxury carmakers like Mercedes-Benz and Audi, are all gearing up to roll out an array of EV models over the next few years. Mahindra & Mahindra, for instance, is set to introduce five new battery electric vehicles starting from January 2025, built on its innovative INGLO platform. Nalinikanth Gollagunta, CEO of the Automotive Sector at Mahindra & Mahindra, highlighted the company's strategy to capture a significant portion of the electric vehicle market, aiming for 20-30 percent of its portfolio to be electric by 2027.

Indian auto industry is gearing up to roll out an array of electric vehicle models over the next few years amid a renewed push by the government to encourage environment-friendly mobility solutions with the unveiling of a new policy. Mass market players like Maruti Suzuki, Hyundai, Mahindra & Mahindra and Tata Motors are lining up new models to cater to the demand across segments. Mahindra & Mahindra CEO Automotive Sector Nalinikanth Gollagunta told PTI that starting January 2025, the company will be rolling out five new battery electric vehicles in the coming years. «These electric SUVs will be built on Mahindra's innovative INGLO platform and aim to cater to a variety of consumers through their diverse range. The launch of these SUVs is part of Mahindra's broader strategy to lead in the electric vehicle sector, and we expect 20-30 per cent of our portfolio to be electric by 2027,» he noted.

Connected cars are becoming the mainstream choice for many new car buyers in India fuelled by rising disposable incomes and an influx of new models. Such cars, which have embedded chips allowing internet access, enabling drivers to transmit, store and receive information collected via sensors – currently make up as much as 30% of all new vehicles sold, up from 6% in FY21. New-age buyers are increasingly taking to cars which offer continuous connectivity and a safer driving experience. Given the robust demand, carmakers have started offering such features in all premium SUVs sold in the local market.

Workers at a Tennessee factory ask for vote on representation by the UAW.

Hyundai Creta EV was spotted, offering subtle hints about its potential design features. Notably, the SUV showcases a striking LED daytime running light (DRL) stretching across the entire front profile, resembling its internal combustion engine (ICE) counterpart currently available in India.

Maruti Suzuki to Hyundai and Tata Motors, are seeking to democratize the electric power train in personal mobility through the introduction of one electric car a month over the next two years, breaking consumer resistance over affordability through more mass-market choices than ever before. “The adoption of EVs in passenger vehicle segment in India has been rather slow. Currently it is only 2.2% despite the substantial GST rate advantage. There are mainly 3 reasons for this slow adoption: the high acquisition cost ( EVs are typically 1.35-1.7 times more expensive than corresponding gasoline cars ), range anxiety among potential buyers due to lack of charging infrastructure and the relatively less number of mass models in this segment. It is expected that as the battery prices come down and as more models are launched and range anxiety fades away, the adoption rate will increase”, Shashank Srivastava, senior executive officer (marketing and sales) at Maruti Suzuki said, adding, “Some research shows faster adoption once penetration gets to around 5%. After this inflexion point, it is expected that EV penetration in India will each around 20% by 2030.” The largest number of product interventions — 12 — will be in the heart of the market in the mid SUV segment that has popular models such as Hyundai Creta and Maruti Suzuki Grand Vitara. Another half a dozen SUVs are scheduled for launch across the sub-compact, compact and premium SUV categories.

Abhinav Bharti is leaving the US bank, according to people familiar with the matter. He will be replaced by Arvind Vashistha, former managing director of Citigroup Inc. in India, the people said, asking not to be identified because the matter is private. Bharti is leaving after working for more than 13 years with JPMorgan, according to his LinkedIn profile. He was elevated to managing director in 2022. He joined the firm as an associate from Kotak Mahindra Bank Ltd.’s investment banking arm in 2010.

«Overall robust GDP growth of the country in the third quarter of FY24 has helped the auto sector...The industry expects the growth momentum to continue,» said Vinod Aggarwal, president of Siam. As per data available with the society, 370,786 cars, sedans and utility vehicles were sold in the country last month, an increase of 10.8% over 334,790 units sold in February 2023.

₹16.82 lakh and ₹20.29 lakh (ex-showroom Delhi). The Creta N Line is powered by a 1.5-litre Turbo GDi Petrol engine with a six-speed manual transmission and seven-speed Dual Clutch Transmission (DCT).