South Korea's Hyundai, Kia to Launch First India-made EVs Next Year

The logo of Hyundai is pictured at the 37th Bangkok International Motor Show in Bangkok, Thailand. REUTERS/Chaiwat Subprasom
The logo of Hyundai is pictured at the 37th Bangkok International Motor Show in Bangkok, Thailand. REUTERS/Chaiwat Subprasom
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South Korea's Hyundai, Kia to Launch First India-made EVs Next Year

The logo of Hyundai is pictured at the 37th Bangkok International Motor Show in Bangkok, Thailand. REUTERS/Chaiwat Subprasom
The logo of Hyundai is pictured at the 37th Bangkok International Motor Show in Bangkok, Thailand. REUTERS/Chaiwat Subprasom

South Korea's Hyundai Motor Group will launch its first India-manufactured electric vehicles by 2025 as the parent of the Hyundai and Kia brands looks to boost its presence in the nascent space dominated by Tata Motors.
Production of Hyundai's locally manufactured EVs will begin by the end of 2024 and will be launched by 2025, along with Kia's India-made EV, the Hyundai Motor Group said in a statement on Thursday, adding that it would unveil five models by 2030, said Reuters.
Both brands will use batteries made by Exide Energy Solutions to power their EVs, they had said earlier this month.
India is the biggest market outside North America and Europe for Hyundai, where its unit is headed for a $3 billion IPO – the country's largest.
Hyundai, India's no. 2 carmaker, known for its top-selling 'Creta' sport utility vehicle, currently sells two electric models in India, the Kona and IONIQ 5, neither of which are produced in the country. Kia's lone electric offering, the EV6, is imported.
The company also reaffirmed Hyundai's target of reaching annual production of 1 million by 2025, adding it would expand capacity at Kia to 432,000 from about 300,000. The combined capacity will grow to 1.5 million units.
Earlier this year, Hyundai completed the acquisition of a former Chevrolet plant in western Maharashtra state as part of its push to get production to 1 million units.
The announcements came during Hyundai Motor Group Executive Chair Euisun Chung's visit to India – his second in less than a year.



Tencent Finds New Hit in ‘Dungeon and Fighter’ Mobile Game After Dry Spell 

The Tencent Games logo is seen on its game on a mobile phone in this illustration picture taken March 19, 2024. (Reuters) 
The Tencent Games logo is seen on its game on a mobile phone in this illustration picture taken March 19, 2024. (Reuters) 
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Tencent Finds New Hit in ‘Dungeon and Fighter’ Mobile Game After Dry Spell 

The Tencent Games logo is seen on its game on a mobile phone in this illustration picture taken March 19, 2024. (Reuters) 
The Tencent Games logo is seen on its game on a mobile phone in this illustration picture taken March 19, 2024. (Reuters) 

Chinese internet giant Tencent Holdings' mobile game "Dungeon and Fighter" was the top-selling app on Apple's App Store in China this week, surpassing the company's existing flagship games after it spent years looking for a new marquee title.

The side-scrolling action game, developed by South Korea's Nexon and published by Tencent, became the top-selling app in China hours after it was launched on May 21 and it has stayed there since, according to app tracking platform Appmagic.

Tencent's "Honor of Kings" and "Peacekeeper Elites" have long been China's most popular games but they have recently shown signs of declining revenue as their popularity ebbed.

Globally, "Dungeon and Fighter" mobile ranked as the world's second top-selling app last week, only behind short video platform TikTok and ahead of Honor of Kings and YouTube, which came in third and fourth, according to Appmagic.

The video game is estimated to have earned more than $40 million in revenue on Apple devices after receiving over 2.4 million downloads, according to Appmagic.

Robin Zhu, senior analyst at Bernstein, said that Appmagic's number aligns with data recorded by another app tracking firm called Sensor Tower.

But he said that the game actually makes more money because the $40 million figure was only Tencent's and Nexon's cut, excluding Apple's share of the revenue.

"Gross billings-wise, the Sensor Tower data suggests you're looking at 1.2 to 1.5 billion yuan ($206.95 million) of receipts since launch," he said. Gross billing refers to the gross amount that users have spent on the game.

He said that "Dungeon and Fighter" mobile's strong performance is on track to meet Nexon's expectation of 3 billion yuan in gross billings during the game's first month of launch.

Officially named "Dungeon and Fighter: Origin", the game is a mobile adaptation of the "Dungeon and Fighter" computer game, one of the world's most profitable computer games which Tencent also publishes.

The game, under development for seven years, was released in South Korea in 2022 and became an instant hit. But its China release was delayed after the government cracked down on the gaming industry between 2018 and 2022.