NEW DELHI: Hyundai Motor India’s (HMIL) proposed investment in India now stands at over Rs 33,000 crore as the Korean auto giant in the past few days has committed two fresh investments- Rs 6,180 crore in Tamil Nadu and Rs 7,000 crore in Maharashtra. These commitments are in addition to a mega investment worth Rs 20,000 crore announced last year.
“Our commitment to India remains unwavering. We recently announced an investment of Rs 6,180 crore. This is in addition to the already announced investment of Rs 20,000 crore towards capacity expansion, new products and a battery pack assembly plant…These investments chart out the next decade of HMIL’s journey in India,” said Unsoo Kim, MD and CEO of Hyundai Motor India on Tuesday at the launch of the new Creta.
Besides the two investments announced by Kim, Hyundai has proposed investing about Rs 7,000 crore in Maharashtra. This announcement, formally made by Deputy Chief Minister Devendra Fadnavis, comes after the car maker last year acquired the General Motors factory located in Talegaon.
These investments by Hyundai will go towards capacity expansion, production of electric vehicles and a battery pack manufacturing plant in Chennai, to build the R&D and design capability, among other things. Tarun Garg, chief operating officer (COO), of Hyundai Motors India, said that to grow further in the Indian market, they have to increase their number of products, volume and market share.
“We grew by 9% last year and had the highest growth rate among the top 3 manufacturers. We believe that to grow further in the Indian market, we have to grow the number of products, market share and volume. The Talegaon plant, expected to commence production next year, will be a very big support for us,” said Garg.
The COO added that the company is gearing up to launch high-volume electric vehicles (EVs) starting from early 2025. Garg anticipates India to have a 20-22% EV penetration in total passenger vehicle sales by 2030. Hyundai on Tuesday launched the facelift of its most popular sports utility vehicle (SUV)- CRETA - at a starting price of Rs 10.99 lakh. The company has so far received more than 25,000 bookings for the refreshed mid-size SUV.
Hyundai to invest Rs 7,000 crore in Maharashtra
Hyundai has proposed investing about Rs 7,000 crore in Maharashtra. This announcement comes after the car maker last year acquired the General Motors factory in Talegaon. Tarun Garg, COO, of Hyundai Motors India, said that to grow further in the Indian market, they have to increase their number of products, volume and market share.