NEW DELHI/PUNE — Hyundai Motor Group will invest about $15.5 billion (20.8 trillion won) in India over seven years starting this year.
Euisun Chung, chairman of Hyundai Motor Group, met Prime Minister Narendra Modi at the prime minister's residence in New Delhi on the 13th. "India is a strategic country that will drive Hyundai Motor Group's future growth and its expansion into emerging markets," Chung said. "We are planning investments of about $15.5 billion over seven years starting this year."
The group plans to expand local infrastructure in research and development and recruit top talent to accelerate the development of products and technologies tailored to India. In future mobility, it will strengthen cooperation with local companies and startups. To pursue the investments in a systematic and efficient manner, the group will also establish a dedicated India investment unit.
Separately, Hyundai Motor held a completion ceremony on the 14th for its new Pune plant in Talegaon, Maharashtra state, in west-central India, with annual capacity of 170,000 units. With the addition, Hyundai Motor has secured production capacity of 1 million units in India 30 years after entering the market, combined with its Chennai No. 1 and No. 2 plants, which have capacity of 824,000 units. Including Kia's Anantapur plant, with capacity of 431,000 units, Hyundai Motor Group's production capacity in India reaches 1.425 million units.
"With the Pune plant in operation, we have secured a production system of 1.4 million units a year in India," Chung said. "Based on stable production, we will actively respond to the continued growth of the Indian auto market and expand exports to emerging markets."
Hyundai Motor plans to raise the Pune plant's capacity to 250,000 units in 2028 and 320,000 units in 2030. Hyundai Motor and Kia ranked second in the Indian market from January to September this year with a combined share of 18.1%.