NEW DELHI: Hyundai plans to invest a fresh $4 billion (Rs 33,200 crore) in India to expand car production to one million units and launch a slew of new vehicles and technologies, including electrics and batteries, as the company engages in one of its largest expansion programmes in the country.
The company will see its cumulative investments in India grow to over $9 billion since it started operations here in 1996. The company will announce the details towards the acquisition of General Motors’ Talegaon plant in Maharashtra during a meeting with the state government’s representatives at the World Economic Forum at Davos later this week. Hyundai will make majority of investments in Tamil Nadu (its first plant and component eco-system) at over Rs 26,000 crore, while more than Rs 7,000 crore will be in Maharashtra at Talegaon factory.
“We want to grow with India and with the Indian people and community. We want to be a homegrown brand here,” Hyundai India MD & CEO Un Soo Kim told TOI as he unveiled plans for a larger play in India. He was speaking after rolling out a new version of the company’s Creta premium SUV that has an entry price of Rs 11 lakh (ex-showroom).
Hyundai, India’s second-biggest carmaker, is not the only company to invest in India as the local market grows in scale, having achieved sales of over 4 million units in 2023.
Maruti, the country’s largest maker, is investing Rs 1.3 lakh crore by 2030-31 to expand production capacity, launch of new models, introduction of electrics and broadening of existing powertrains, and a battery plant. Other car companies investing heavily include Tata Motors (Rs 24,000 crore), Mahindra & Mahindra (Rs 10,000 crore), and Toyota (Rs 3,500 crore). Volkswagen is also considering next phase of investments after having exhausted Rs 8,000 crore earmarked for its India 2.0 strategy, while Vietnam’s Vinfast is considering Rs 16,000 crore ramp-up.
Kim said electric vehicles will be a big focus as the company now gears up to introduce locally-produced greens over next one year. “We forecast that electrics will be around 30% of India’s car market by 2030, while for Hyundai the share will be upwards of 20%.”
The company will see its cumulative investments in India grow to over $9 billion since it started operations here in 1996. The company will announce the details towards the acquisition of General Motors’ Talegaon plant in Maharashtra during a meeting with the state government’s representatives at the World Economic Forum at Davos later this week. Hyundai will make majority of investments in Tamil Nadu (its first plant and component eco-system) at over Rs 26,000 crore, while more than Rs 7,000 crore will be in Maharashtra at Talegaon factory.
“We want to grow with India and with the Indian people and community. We want to be a homegrown brand here,” Hyundai India MD & CEO Un Soo Kim told TOI as he unveiled plans for a larger play in India. He was speaking after rolling out a new version of the company’s Creta premium SUV that has an entry price of Rs 11 lakh (ex-showroom).
Hyundai, India’s second-biggest carmaker, is not the only company to invest in India as the local market grows in scale, having achieved sales of over 4 million units in 2023.
Maruti, the country’s largest maker, is investing Rs 1.3 lakh crore by 2030-31 to expand production capacity, launch of new models, introduction of electrics and broadening of existing powertrains, and a battery plant. Other car companies investing heavily include Tata Motors (Rs 24,000 crore), Mahindra & Mahindra (Rs 10,000 crore), and Toyota (Rs 3,500 crore). Volkswagen is also considering next phase of investments after having exhausted Rs 8,000 crore earmarked for its India 2.0 strategy, while Vietnam’s Vinfast is considering Rs 16,000 crore ramp-up.
Kim said electric vehicles will be a big focus as the company now gears up to introduce locally-produced greens over next one year. “We forecast that electrics will be around 30% of India’s car market by 2030, while for Hyundai the share will be upwards of 20%.”
