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Hyundai Motor India Limited recently announced that Mr. Y K Koo stepped down from the responsibilities of the ‘MD and CEO’ of the firm. Mr. Seon Seob Kim has taken over Mr. Koo’s responsibilities with immediate effect. Mr. Y K Koo moves back to Hyundai Motor’s headquarters in Seoul, Korea after 3 years as CEO in India.
Out of the 35 years of Koo’s illustrious career, he spent 12 years in India as part of the senior management. During his first stint from 1997-2001, he helped Hyundai establish it as a household name with the launch of ‘Santro’ and ‘Accent’. He strengthened the sales and marketing operations during his second stint from 2008-2011. He headed over the India Operations for his third tenure from November 2015 to November 2018. Prior to his involvement here, Koo was the CEO of Hyundai Motor CIS (Russia) for 3 years.
Hyundai managed to strengthen its foothold in the car market through significant changes and consistent growth under Koo’s watch. Under his leadership Hyundai Motor’s brand awareness and brand preference increased significantly.
Cars like the all new Santro, 2018 Creta, 2017 Elite i20, Next Gen Verna among others were launched under Koo’s watch.
China's leading electric vehicle manufacturer, BYD, is facing allegations of tax evasion in India over imported car parts used in local vehicle assembly. India's Directorate of Revenue Intelligence (DRI) claims BYD underpaid 730 million rupees (USD 9 million) in taxes, which has been deposited by the company. India imposes import taxes of 70% or 100% on complete electric cars, and 15% or 35% on imported car parts assembled into EVs locally.
Read MoreOn July 27, Chinese carmaker SAIC Motor and German automaker Audi signed a memorandum of understanding (MoU) to co-develop electrified vehicles. The collaboration aims to create 'intelligent' and 'connected' electric vehicles by combining their individual capabilities and engineering solutions. According to the MoU, the partnership will enable Audi to expedite the development of new EVs and meet the demand for China's fast increasing EV industry. The goal is to quickly and efficiently bring the next generation of intelligent EVs to market.
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