This story is part of Forbes’ report on South Korea’s richest 2025. See the full list here.

To capitalize on its nearly three decades of track record in India, car billionaire Euisun Chung's Hyundai Motor Group listed Indian units last October, raising $3.3 billion in the country's largest IPO ever.

Hyundai Motor India, which contributes about 15% of its parent company's global sales by volume, has attracted attention through India's rising middle class, such as the mid-sized SUV CRETA, such as CRETA.

Despite the IPO buzz, stocks have fallen 13% since their listing. Indian units reported a decline in sales, with net profit falling 18% in the third quarter ending December. In February, it cut India's second-largest automaker through domestic sales to Mahindra & Mahindra through domestic sales controlled by billionaire Anand Mahindra.

To improve things, Hyundai India has started electric vehicle drives. It introduced an electric version of the Creta in January after the Ioniq 5 Premium SUV launched in 2023. By 2030, when it hopes to install 600 fast-charging electric stations nationwide, the current five electric car models will be between 2030 and 2030.

In its domestic market, Hyundai could benefit from South Korea’s emergency relief measures to protect its automotive industry from U.S. tariffs. The measures, announced in April, include an increase of 2 million won ($1.4 billion) to 15 trillion won by 2025, reducing taxes on new purchases and extending EV subsidies.