Seong Woo Shim

Dear HD Hyundai Family,

It is an honour and a privilege to extend my warmest New Year greetings to each one of you. First and foremost, I express my gratitude to God for the blessings that allow me to lead this esteemed organisation dedicated to serving our valued stakeholders.

As we embark on a new year filled with promise and opportunities, I am delighted to be a part of the Hyundai India Team. I take this moment to share some noteworthy updates with you, reflecting the collective efforts and achievements of our entire Hyundai family.

Throughout the past year, we have witnessed significant growth across all facets of our business – be it sales, service, or spare parts. Notably, we have achieved a commendable 2.3% increase in market share compared to 2022, a testament to our dedication and the unparalleled support from our cherished customers, business partners (financers, dealers, and vendors), and our dynamic team.

The year 2023 marked the maturation of our new initiatives, both on the domestic and international fronts. Our endeavors in establishing a Smart Factory for the future, coupled with effective marketing strategies to domestic and overseas stakeholders, have resulted in substantial brand building and business growth. Hyundai India now stands not only as a premier player in the Indian construction equipment (CE) industry but also as the foremost exporter of excavators from India, gaining recognition in emerging markets across the Middle East, Africa, and Asian regions.

Despite robust demand, 2023 presented its fair share of challenges, including fierce price wars from low-cost competitors in India. However, our unwavering commitment to maintaining world-class quality standards, coupled with continuous innovation guided by our customers' feedback, has fortified our position in the market. This dedication has not only made our customers more competitive and profitable but has also solidified Hyundai's reputation as a leader in the industry.

In the face of a less encouraging global geopolitical environment, India shines as a beacon of promise, with a robust government driving the nation toward a 5 trillion-dollar economy. The construction equipment industry in India is poised for substantial growth in 2024 and 2025, and our business is well-positioned to capitalise on these opportunities, thanks to our strong fundamentals.

Reflecting on the past year, we have expanded our horizons by introducing new initiatives aimed at enhancing our products, offerings, and overall value delivery to our customers. The launch of new models in Excavators and Wheel Loaders at EXCON-2023, alongside the expansion of our Rebuild and XL solutions, is a testament to our commitment to continuous improvement. As we move forward, we will continue to add new products and digital solutions to our after-service offerings.

The true strength of Hyundai India lies in the Human Dynamics (HD) at play, where the contributions of our dedicated employees, dealers, vendors, and finance partners, coupled with the unwavering support of our customers, have propelled Hyundai to a leadership position in the CE industry. I am honored to be part of this remarkable team and am confident that we will embark on even more ambitious initiatives in 2024, further enhancing our products and solutions, driving our customers' business growth and profitability, and building a comfortable tomorrow for the next generation.

To all of you and your families, I extend my heartfelt wishes for good health, wealth, love, and happiness in 2024.

Stay safe and take care of yourselves!

Warm regards
Seong Woo Shim
Managing Director