Hyundai Revs Up India Expansion: Plans to Increase Production, Introduce Electric Vehicle Lineup

Hyundai Motor Group plans to expand its annual production capacity in India to 1.5 million units for Hyundai and Kia brands. It aims to make India an export hub, introduce more EVs, and expand its SUV sales lead. Hyundai will unveil its first locally produced EV next year and plans to produce five EV models by 2030, while Kia will begin local EV production in 2025. The group will establish an EV ecosystem, increase EV charging stations, and focus on building charging infrastructure. By leveraging India's strategic importance, Hyundai plans to boost regional market competitiveness through exports.

PTI | New Delhi | Updated: 25-04-2024 13:02 IST | Created: 25-04-2024 13:02 IST
Hyundai Revs Up India Expansion: Plans to Increase Production, Introduce Electric Vehicle Lineup
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South Korean auto major Hyundai Motor Group on Thursday said it is looking to expand the annual production capacity across Hyundai and Kia brands in India to 15 lakh units per year, as part of its mid-to-long-term strategy in the country.

Outlining the company's strategy for the India market, Hyundai Motor Group (HMG) Executive Chair Euisun Chung said the automaker plans to roll out more EVs, while also utilising the country as an export hub for the neighbouring countries.

Chung visited India on April 23 to review the group's mid-to-long-term strategies to solidify its position as a leading mobility provider.

Hyundai Motor Group is expanding its manufacturing footprint in the Indian region with the establishment of an annual production system of 1.5 million vehicle units for Hyundai Motor India and Kia India combined, the automaker stated.

Hyundai Motor India will start operating its Pune plant, acquired from General Motors last year, in the second half of the next year.

Hyundai Motor is currently making improvements to the facility to create a production hub capable of building more than 200,000 units annually, it said.

With the addition of the Chennai plant's production capacity of 824,000 units, Hyundai Motor will have an annual production capacity of over one million units when combined with the Pune plant, it added.

Besides, Kia India's yearly production capacity will also be expanded to 431,000 units within the first half of this year.

''Combined together, Hyundai Motor Group will have the ability to produce approximately 1.5 million units annually in India,'' HMG said.

The group also plans to expand its EV lineup and create an EV ecosystem to accelerate customer uptake and expand charging infrastructure.

It will also strengthen its SUV sales leadership in India, HMG said.

Hyundai Motor India plans to unveil its first locally produced EV in India next year, it said.

Starting with the mass production of its first electric SUV model at the Chennai plant at the end of 2024, the company plans to further produce five EV models by 2030, it added.

Hyundai Motor India will also utilize its sales network hubs, expanding the number of EV charging stations to 485 by 2030, HMG said.

Kia India will also start production of its local EV model in 2025 and plans to further expand its EV models, it added.

The company will also focus on building EV charging infrastructure, it stated.

''India is among the fastest-growing economies globally, and as this growth continues the strategic importance of Hyundai Motor India will only increase,'' Chung said while addressing employees in a town hall meeting.

He further said, ''by leveraging our strong reputation and competitive quality in India, we aim to expand exports to neighbouring countries, making India the global export hub to boost our regional market competitiveness.'' Chung said that by around 2030, the automaker expects to see a substantial expansion in the EV market in India.

''In anticipation of this evolution, Hyundai is focused on developing locally tailored EVs aimed at establishing us as a leading global EV brand,'' he added.

''We also plan to proactively build charging stations at strategic locations 'including dealerships' to facilitate the adoption of EVs,'' Chung said.

Hyundai Motor India sells models like Creta, Verna while Kia India sells models like Seltos, Carens and Sonet in the country.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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