NEW DELHI: Hyundai Motor on Thursday said it expanding its annual production capacity to 1.5 million (15 lakh) vehicle units for Hyundai Motor India (HMIL) and Kia India combined. The carmaker confirmed that it will unveil its first locally produced EV in India next year.
Hyundai will commence mass production of its first electric SUV model at the Chennai plant at the end of 2024 and produce five more EV models here by 2030. Kia India, Hyundai’s sister concern, will start production of its local EV model in 2025.
This update came following the recent visit of Hyundai Motor Group executive chair Euisun Chung in India where he reviewed the Group’s mid-to long-term future mobility strategies. His visit came as the Indian arm of the Korean auto giant is expected to launch its initial public offering (IPO) this year. As per reports, Hyundai is likely to file the draft paper with the SEBI by May and launch the IPO in the fourth quarter of CY24. HMIL is looking to raise over $3 billion in the IPO at a valuation of $30 billion.
This initial issue will be the largest in the Indian capital market history. Hyundai said the Group will expand its EV lineup and create an EV ecosystem to accelerate customer uptake and expand charging infra. It will also strengthen its SUV sales leadership.
“By leveraging our strong reputation and competitive quality in India, we aim to expand exports to neighboring countries, making India the global export hub to boost our regional market competitiveness,” said Chung.
“By 2030, we expect to see a substantial expansion in the EV market. In anticipation of this evolution, Hyundai is focused on developing locally tailored EVs aimed at establishing us as a leading global EV brand,” added Chung. “We plan to proactively build charging stations at strategic locations – including dealerships – to facilitate the adoption of EVs.”
HMIL, which controls about 15% of the Indian market and is the second largest exporter of passenger vehicles, will start operating its Pune plant, acquired from General Motors, in the second half of next year. This facility will be capable of building more than 200,000 units annually.