Hyundai Motor Group (HMG) Executive Chair Euisun Chung was on a visit to review the Indian market’s growth potential and future business strategy including electrification. He also met the Chief Minister of Tamil Nadu, where India’s second-largest car brand’s manufacturing operations are located.
Chung visited Hyundai R&D operations – Hyundai Motor India Engineering (HMIE) in Hyderabad and the car manufacturing complex near Chennai. He met with the employees and discussed mid-to-long-term development plans for production and sales.
Chung engaged in discussions with Tamil Nadu Chief Minister MK Stalin in Chennai on Tuesday. TRB Rajaa, Minister of Industries, Investment Promotions and Commerce in the Government of Tamil Nadu, along with senior officials from HMG, including Jaehoon Chang, the President and CEO of Hyundai Motor Company, Yong Wha Kim, President and Chief Technology Officer of Hyundai Motor Group, Unsoo Kim, MD and CEO of Hyundai Motor India were also present during the meeting, said a statement.
In May, Hyundai Motor Group signed a memorandum of understanding with the Tamil Nadu government, marking the company’s commitment to invest ₹20 lakh crore over the next decade to bolster the electric vehicle ecosystem and modernise production facilities.
Hyundai Motor has expanded its production capacity at the Chennai factory. A new paint shop and additional capital investments have enabled the company to produce 824,000 units, an increase of 54,000 units from 770,000 units.
Future mobility hub
Executive Chair Chung’s visit to India included a review of the strategic importance of India as a future mobility hub. With this in mind, preparations for a new Group leadership position in EVs were also discussed given the country that will be a competitive EV battleground for in the years to come.
HMIE plays an important role in increasing sales in the Indian market and works closely with the Hyundai-Kia Namyang R&D center in Korea to develop vehicles that are tailored for the Indian market, it said.
The growth of the Indian car market is expected to be driven by SUVs and EVs and SUVs are expected to account for 48 per cent of the country’s expected 5 million vehicle unit sales by 2030, while EVs are expected to reach 1 million units.
Hyundai Motor will introduce five EV models by 2032 in India and expand the number of EV charging stations to 439 by 2027 by leveraging the strength of the company’s sales network.
Also, under ‘Kia 2.0 Strategy,’ the group aims to increase its market share in India from 6.7 per cent in the first half of this year to 10 per cent in the coming years. Kia plans to expand its vehicle range and more than double its sales network from the current 300.