Hyundai Motor India Ltd (HMIL) has announced a collaboration with ALD Automotive India to provide its cars on lease.
Hyundai aims to make car owning experience more economical and is targeting to provide its cars on lease to salaried individuals, working professionals, small and medium enterprises, corporates and public sector.
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In a statement, HMIL’s executive director, sales and marketing S.J. Ha said the Indian automotive industry is at the cusp of transformation and the company is committed to make shared mobility accessible. Vehicle leasing is rapidly picking pace in India and offers great prospects, he said.
ALD says on its website that it has operations in 43 countries and manages more than 151 million vehicles. In India, it has a fleet of almost 13000 vehicles, over 280 locations. It started operations in India in 2005 and is based in Mumbai.
The tie-up will help ALD Automotive India explore newer product and service offerings and “take car leasing to the next level” in the Indian car market, ALD Automotive India chief executive officer and whole-time director Suvajit Karmakar said.
Currently, car leasing business has a penetration of less than 1% in India while it is as high as 45% in developed nations.
Hyundai has been expanding its mobility service solutions in major locations worldwide. The company is committed to offering smarter value to customers to cope with the rapidly-shifting paradigm in the automotive industry, the company said in the statement.