Pune, Oct 14: Korean auto major Hyundai plans to invest an additional Rs 4,000 crore in Maharashtra by 2030, aiming to nearly double capacity at its new Pune manufacturing plant to 320,000 units per annum, a top company executive said.
The facility has already seen an investment of Rs 7,000 crore, Hyundai Motor India CEO and Managing Director Tarun Garg told reporters on the sidelines of the launch event here.
The facility was launched officially by state Chief Minister Devendra Fadnavis along with his deputy chief minister Sunetra Pawar, state transport minister Uday Samant, as well as top Hyundai Group executives. The plant has a manufacturing capacity of 170,000 units.
Hyundai outlines major investment plans
The announcement came a day after Hyundai Motor Group announced a comprehensive investment strategy for India, committing USD 15.5 billion by 2032, positioning the country as a core strategic market driving future growth and expansion across emerging markets.
"So 4,000 crore definitely will be invested in Maharashtra out of this (USD 15.5 billion) investment. We are looking at much beyond mobility through this investment. How much investment has gone towards this? Rs 7,000 crore has already been invested in Maharashtra. This is a direct investment by Hyundai into Maharashtra," Garg said.
Additionally, HMI vendors have invested Rs 4,600 crore in Maharashtra, and this is the additional investment which they have made, he said.
Localisation and production expansion
"Maharashtra is going to play a very important role. We are looking at Pune to really provide a great fillip to our plants in India. Also, the Maharashtra ecosystem gives us an opportunity to localise further from 83 per cent to 92 per cent is what we are aiming for," he said.
Hyundai is accelerating investment in India, and obviously its Indian arm is going to be a very big beneficiary, he said.
"So we are having a multi-pronged approach. Today you saw the capacity addition. As you know, we are going to launch 26 new models to marry this capacity so that we can get back the market share as well," he said.
HMI, which used to command second position in terms of vehicle sales after market leader Maruti, slipped to the fourth position in the previous fiscal.
Focus on electric vehicles and hybrids
"We are investing a lot in the entire EV ecosystem. So not only will we have four EVs by 2029, but we will also be investing in the charging infrastructure," Garg said.
HMI is also localising the entire supply chain within battery packs, and power electronics are already being localised, he said.
Hyundai has already announced it will also go for hybrids, with the goal of making 50 per cent of its portfolio sustainable by 2030.
Also Watch:
Hyundai targets further export growth
"On the export side, we are the number one company in India to reach 4 million export landmarks. But we are still not satisfied. We want to increase further. So I think that is the second thing which we are going to do," he added.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
