Hyundai to invest $2.45 billion to increase production in India Hyundai Motor has announced a big move from South Korea to increase its presence in India by investing $2.45 billion to increase production and launch new electric vehicle models through its Indian subsidiary, Hyundai Motor India.
Under this investment, Hyundai Motor India will establish a production unit with an annual capacity of 178,000 units as a battery pack assembly unit. Additionally, it will set up 100 EV charging stations throughout the state. In its statement, Hyundai Motor has also stated that it is working hard to triple its production capacity in India and is ready to launch new EV models.
To increase its presence, HYUNDAI will be investing in the Indian market. The main objective of this investment is to strengthen HYUNDAI’s position in India over the next four to five years, which is considered the world’s third largest automobile market.
Through this investment, HYUNDAI will use funds to increase production capacity in India as well as develop new models of electric vehicles. Additionally, the company will also invest in upgrading its existing facilities to promote local production.
This investment will also help HYUNDAI strengthen its supply chain. As a result of this investment, HYUNDAI could be successful in expanding its offerings in India.
Hyundai announces plans to invest in India and launch electric vehicles
Hyundai has announced plans to launch at least three new electric vehicles in the Indian market by 2023, in addition to its investment plans. These will include the Ioniq 5, Kona Electric, and Nexo from Hyundai’s global EV lineup.
Hyundai has been present in India for over two decades and currently has two production plants in the country with a total annual production capacity of 750,000 units. The company is also a major exporter of vehicles from the country, exporting approximately 25% of its production.
Hyundai has announced that it plans to increase its total production capacity in the country to 850,000 units per year. This news comes a few weeks after the federal government announced plans to increase taxes on imported cars and motorcycles, including EVs, to boost domestic production.
Tata Motors and Mahindra & Mahindra, along with global competitors BYD and SAIC’s MG Motor, have launched their line-up in India’s electric vehicle industry, which is rapidly growing.
With new investments, there is hope for the creation of more jobs in India and also for helping the country transition towards electric mobility. The Indian government has set a target of 30% of all vehicles to be electric by 2030, and Hyundai’s investment is expected to play a significant role in achieving this goal.
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