Hyundai Capital Services launches financial services operations in India
Hyundai Capital Services (the "Company") is commencing financial operations in India, one of the world's three largest automotive markets.
Hyundai Capital India (HCIN) is the Company's 14th financial entity, and an independent stand-alone entity fully owned and operated by Hyundai Capital Services.
In March this year, the Company obtained a Non-banking Financial Company (NBFC) license from the Reserve Bank of India (RBI), laying the foundation for providing financial services to customers in the country. Building on its auto finance expertise and experience accumulated across diverse global markets, Hyundai Capital Services plans to pursue a localized strategy tailored to the needs and characteristics of the Indian market and its customers.
India has emerged as the world's third largest automotive market, supported by its population of more than 1.4 billion and a rapidly growing economy. Hyundai Motor Group (the "Group") is also strengthening its presence in the country by expanding local production capacity while enhancing its EV lineup for the Indian market.
In line with the Group's strategy in India, Hyundai Capital Services plans to expand its business in the country in phases. During the initial stage of operations, HCIN will focus on wholesale financing for local automotive dealers, given the country's vast geography and significant regional differences in financial environments.
Alongside expanding dealer financing network across India, HCIN will also work to establish a solid sales infrastructure and robust risk management systems in preparation for the future launch of retail financing for individual customers.
"Building on the expertise we have developed in Korea and across key global markets, we plan to introduce a range of financing solutions that support the Group's sales in India," said Hyung-Jin David Chung, CEO of Hyundai Capital Services. "With a disciplined strategy designed for the Indian market, we will work to achieve both sustainable growth and operational stability as we build our business in the country."
Meanwhile, Hyundai Capital Services currently operates 19 entities in 14 countries worldwide, including the United States, Canada, the United Kingdom, Germany, and Australia. The Company continues to broaden its international footprint in key markets, supporting the Group's growing global presence with its auto finance capabilities. (with inputs from PRNewswire)
