2024 marks a historic milestone for Hyundai as it has launched its $3 billion initial public offering (IPO), making waves as the first stock market listing outside of South Korea.
This momentous event comes 26 years after the company’s foray into the Indian market, where it has since emerged as the second-largest carmaker in the country, thanks in part to a powerful marketing strategy that featured none other than Bollywood superstar Shah Rukh Khan.
Hyundai established its India entity in 1996, but its early days were fraught with challenges.
With a market dominated by giants like Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and Honda, Hyundai found itself grappling with how to introduce its brand to a completely new audience. Recognizing the need for expert guidance, the company turned to global advertising agency Saatchi & Saatchi.
In an era when the brand was virtually unknown in India, the shadow of Daewoo’s financial troubles loomed large, threatening to undermine Hyundai’s credibility. To overcome this, Hyundai sought a powerful brand ambassador who
could resonate with the Indian public.
The company had two options: the beloved Shah Rukh Khan or the well-known actor Jackie Shroff, also lovingly revered as “Jaggu Dada” by his fans.
In 1997, Shah Rukh Khan was already a superstar, riding high on the success of blockbusters like Dilwale Dulhaniya Le Jayenge (DDLJ) and Dil To Pagal Hai.
A new Hyundai dealer in Mumbai, leveraging his connection with filmmaker Saeed Mirza, facilitated a meeting between SRK and Hyundai executives. Initially, Khan was hesitant; he questioned why he should promote a brand few had heard of. However, Hyundai’s need for a figure who embodied mass appeal and youth engagement became increasingly clear, particularly as they prepared to launch the Santro.
After couple of meetings, a deal was finally sealed. According to company’s former president BVR Subbu, the first agreement was typed by the superstar himself on his own computer with Hyundai officials in front of him at his residence in 1998.
In 1998, Hyundai launched a Santro in India with Shah Rukh on the cover. The same year King Khan released Kuch Kuch Hota Hai, and after that there was no looking back.
Khan’s partnership with Hyundai only deepened over the years. In 2002, despite suffering from a back injury, he filmed a commercial for the Santro Xing, requesting only that he not be made to run or dance.
His dedication has been unwavering; since the launch of the Santro in 1998, Khan has been the face of all Hyundai’s marquee vehicles, including the popular Creta and the recently launched Alcazar.
SRK and Hyundai Motor India have evolved and thrived together over the years. Despite facing challenges, competition, and highs and lows, their partnership has endured through time.
In a 2017 interview with Storyboard18, SRK likened the collaboration to a lasting marriage, saying, “Hyundai and I are old-fashioned people. We believe in the institution of marriage… so it has been a long marriage.”
To celebrate their long-standing relationship, Hyundai honoured Khan last December by gifting him the 1100th unit of the all-electric premium SUV, the Ioniq5. This gesture symbolized not just a marketing partnership but a bond that has significantly shaped the automotive landscape in India.
Read more: The Hyundai Journey: How South Korea’s Chaebol became India’s Automotive Icon