The Economic Times reports Hyundai Motor Group is set to put $15.5 billion into India's automotive sector.
Hyundai Motor Group plans to invest $15.5 billion in India's automotive sector, The Economic Times reports.
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Hyundai Motor Group plans to invest $15.5 billion in India from 2026 through 2032, broadening its manufacturing, research and supply-chain operations in what Reuters describes as the world's third-largest car market.
The company's announcement says the seven-year program will cover Hyundai Motor India, Kia India, local suppliers and future-mobility businesses. Hyundai also plans to establish a dedicated investment entity to coordinate the spending.
About $700 million is earmarked for Hyundai's Indian research and development center, including a vehicle testing track. The company says it will expand manufacturing capacity and invest in parts localization, supplier development and startups.
Hyundai will also explore automotive financing, electric-vehicle charging infrastructure, vehicle recycling and other mobility services. Those are areas under consideration, not finished projects.
Hyundai and Kia currently have combined annual production capacity of more than 1.4 million vehicles in India, Reuters reported. Hyundai employs more than 24,000 people in the country and says the investment will create additional jobs, though it has not disclosed how many.
Hyundai wants to use India as a production and export base for other emerging markets. The expansion comes as global automakers including Suzuki, Toyota and Honda commit more money to Indian manufacturing.
It also follows a slide in Hyundai's local market position. Nikkei Asia reported that Hyundai's share fell to 11.75% in September, placing it fourth behind Maruti Suzuki, Mahindra and Tata Motors, according to the Federation of Automobile Dealers Associations.
The investment was announced after Hyundai Motor Group Executive Chair Euisun Chung met Indian Prime Minister Narendra Modi in New Delhi on Oct. 13. Hyundai said India remains one of its most important strategic markets and that the plan is intended to support growth, technology development and exports over the next several years.
@EconomicTimesHyundai Motor Group to plug $15.5 billion in India's automotive sector https://economictimes.indiatimes.com/industry/auto/auto-news/hyundai-motor-group-to-plug-15-5-billion-in-indias-automotive-sector/articleshow/134920115.cms@EconomicTimesHyundai Motor Group to plug $15.5 billion in India's automotive sector https://economictimes.indiatimes.com/industry/auto/auto-news/hyundai-motor-group-to-plug-15-5-billion-in-indias-automotive-sector/articleshow/134920115.cms@EconomicTimesHyundai Motor Group to plug $15.5 billion in India's automotive sector https://economictimes.indiatimes.com/industry/auto/auto-news/hyundai-motor-group-to-plug-15-5-billion-in-indias-automotive-sector/articleshow/134920115.cms@EconomicTimesHyundai Motor Group to plug $15.5 billion in India's automotive sector https://economictimes.indiatimes.com/industry/auto/auto-news/hyundai-motor-group-to-plug-15-5-billion-in-indias-automotive-sector/articleshow/134920115.cms—
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