Hyundai Financial News

employee union of General Motors India has called for a chain hunger strike from Monday, demanding transfer of all its workers to Hyundai Motor, which plans to acquire its manufacturing facility in Talegaon. The American automobile giant stopped selling its cars in India from 2017. General Motors Employees Union in a statement on Sunday also accused the Eknath Shinde-led Shiv Sena-BJP government of not taking the unemployment issue of «thousands» of workers of the auto firm seriously.

General Motors India have threatened to go on an indefinite hunger strike from October 2 to protest their alleged non-absorption by Hyundai Motor India, the proposed new owner of the car manufacturing plant near Pune. The workers under the banner of the General Motors Employee Union (GMEU) are demanding that they be absorbed by the factory’s new owner. The hunger strike may further delay finalising a commercial agreement between Hyundai, which has its growth plans for the Indian market hinged on the Talegaon facility and the US automaker. The local arm of the Korean automaker signed a term sheet with GM for a potential buyout of the Talegaon plant near Pune on March 13. A final deal is subject to meeting certain conditions including obtaining regulatory approvals from relevant government authorities and all stakeholders. A spokesperson for Hyundai Motor India said the company doesn’t have any fresh update on the deal with GM, adding that the commercial agreement is still to be signed.

New Delhi: Kia India, the Indian subsidiary of South Korea’s Kia Corp., one of the leading sport utility vehicle (SUV) makers in India, will explore capacity expansion options only after 2025, despite its facility at Anantpur in Andhra Pradesh operating at more than 100% capacity, a senior company executive told Mint. Kia’s Andhra unit, which started with a capacity of 300,000 units following a $2 billion infusion by the parent, expanded its annual capacity to 350,000 units last year. Now, it seeks to de-bottleneck the existing facility further by removing inefficiencies and optimizing the manufacturing processes to enhance production to 400,000 units, said Hardeep Singh Brar, national head, sales and marketing, Kia India.

Nearly 3.4 million Hyundai and Kia vehicles in the U.S. are under recall due to the risk of engine compartment fires

Hyundai and Kia are issuing recalls for more than 600,000 vehicles in Canada. While, Hyundai's recall affects 326,942 vehicles in Canada.

Car sales in India are estimated to scale new highs in September taking the monthly, quarterly and first half (fiscal year) volumes to a record high. Fueled by an encouraging consumer demand in the ongoing festive season and spate of new model launches in the SUV segment that has helped sustain buyer interest, car makers are likely to dispatch around 365,000-370,000 units in September 2023 implying a growth of 3-4%, according to the industry sources.

Hyundai and Kia are recalling nearly 3.4 million vehicles in the U.S. and telling owners to park them outside due to the risk of engine compartment fires

Are high gas prices burning a hole in your wallet

By David Shepardson

Maruti Suzuki, Hyundai, Kia, Honda, Tata Motors and Mahindra build up inventory. Automakers have raised production by up to 25% to clear the 650,000-unit order book and expected record-breaking festive season sales amid sustained consumer demand. The industry anticipates selling more than a million cars, sedans and sports utility vehicles this festive season, exceeding 934,000 sold in the 2021 season and 892,000 units in 2022. The festive season accounts for 30-35% of retail auto sales. The industry sold a record 359,228 vehicles in August. Maruti Suzuki is fine-tuning production to roll out more of its best-selling models — such as the Fronx, Brezza and Ertiga — to capitalise on the demand. Its South Korean rival, Hyundai Motor, has increased annual production capacity by up to 60,000 units and is working to hasten deliveries of its range of SUVs, with latest offering Exter notching up more than 76,000 bookings. Honda Cars has started running its plant on Saturdays to ensure timely deliveries of recently introduced SUV Elevate.Dussehra-Diwali Deliveries Kia India, in addition to raising production from October, has introduced two more variants of the newly refreshed Seltos that require fewer microchips, to reduce wait times.

upcoming Creta SUV. These images confirm that the new model will feature an all-black interior with dual-tone seats. Notably, there are headrests for all three passengers in the rear.

Updater Services, a provider of facility management services to corporates, plans to raise ₹640 crore from its initial public offering (IPO). Of this, ₹400 crore will be raised from fresh issuance of shares that would be deployed to repay loans and enhance its working capital and the balance includes an offer of sale (OFS) by promoters and a private equity investor.Promoter holding will drop to 58.5% after the IPO from 80.5%.

Sony Pictures Networks India (SPNI) has sold over 90% of its TV and digital ad inventory for the Asian Games 2023, with the network targeting a reach of over 100 million for the event, a senior company executive said. «We are almost sold out, whether it is linear or digital, and the list of advertisers is growing. We sold the TV and digital ad inventory separately,» said SPNI business head, sports Rajesh Kaul. The TV broadcast sponsors include Hyundai, JSW Group, Limca Sportz, Paisabazaar, LIC of India, UltraTech Cement, Amul, State Bank of India, Panasonic and Parle Products, while the digital sponsors are EatFit, JSW, Maruti Suzuki India, ACKO and Limca Sportz, among others. The media company was seeking investments of ₹3.5 crore from co-presenting sponsors and an outlay of ₹2.4 crore from associate sponsors. Media buyers say properties like the Asian Games draw niche audiences that are relevant to certain sets of advertisers.

Hyundai Motor India Limited has introduced the refreshed i20 N Line facelift in India, presenting significant enhancements to the sporty hatchback. The latest Hyundai i20 N Line facelift starts at ₹9.99 lakh for the manual variant and goes up to ₹12.32 lakh (ex-showroom) for the top-of-the-line DCT automatic N8 trim. The i20 N Line now exclusively features the 1.0-liter turbo petrol engine, which was previously discontinued on the standard i20 earlier this year.

Hyundai is rushing to start electric vehicle and battery production at a $7.6 billion complex in coastal Georgia, spurred by federal electric vehicle incentives that reward domestic production

Maruti Alto, Swift, WagonR and Hyundai i10, are less than 4 metres in length, and consequently are far cheaper, thanks to a lower tax rate. In its 18th year, the car is on an unprecedented high—the addition of a hybrid version late last year is likely to catapult it to all-time-high annual sales this year. In fact, that version enjoys a near two-year waiting period and the demand is such that Toyota has had to halt bookings for two variants.

Hyundai IONIQ 5 after waiting a year and a half.“We took it for a nice road trip and it performed immaculate,” Sandelands told Global’s Consumer Matters.While industry analysts say certain car brands like Tesla and Polestar are available with little to no wait times, other EV models require some patience.“EV wait times in Eastern Canada and in B.C., which are the provinces where demand is the highest, are still long. People are telling us they are waiting six months to a year, in some cases a year and a half, before their vehicle comes in,” said Georgy Iny, director of the non-profit Automobile Protection Association.“Hyundai EVs are tough to get, Kia EVs are hard to get.

By Heekyong Yang

passenger vehicle segment is all set to scale a new peak, selling more than 4 million units this fiscal year, with sport utility vehicles driving the demand by accounting for nearly half the volume. Sales of passenger vehicles, which were 2.5 million units a decade ago, have picked up speed after a blip during the initial period of the Covid wave. Sales touched 3.8 million units in the fiscal year ended March 31, 2023, a record which will be broken this fiscal year with the number likely growing to 4.1 million units, according to industry experts. SUV sales are projected to be around 1.9 million units this year, a multi-fold increase from 363,000 units 10 years ago in FY14.

SUV, requiring a token payment of ₹25,000. The pricing for the new Citroen C3 Aircross has been revealed, with the starting price set at ₹9.99 lakh (ex-showroom, India). Deliveries for this model are scheduled to commence on October 15, 2023.

Hyderabad (Telangana) [India], September 13: GS Caltex, a leading name in the automotive lubricants industry, is proud to announce the launch of its flagship service centers, Kixx Smart Bike Stations, at Kondapur in Hyderabad. With decades of experience, GS Caltex has consistently delivered top-notch lubricants for various automotive and industrial applications. This strategic initiative marks a significant milestone for GS Caltex as it reaffirms its commitment to providing unparalleled service excellence to motorcycle enthusiasts in the region.