Hyundai's first domestic EV, the Creta EV, has already been observed testing, and manufacturing will begin at their Chennai facility by the end of 2024.
Hyundai Motor India is already developing its 2030 plan as it approaches its 30th anniversary in 2026. The slogan for the 2030 strategy is 'Innovator in Mobility and Beyond'. Hyundai's affiliate, Kia India, has likewise restructured its operations to foster quantitative and qualitative growth under the company's 'Kia 2.0' plan.
Hyundai Kia India Plant Capacity to Reach 15 Lakh
In this context, Hyundai Motor Group Executive Chair Euisun Chung traveled to India to assess the company's medium- to long-term mobility strategy for the future. This is the Executive Chair's first international town hall gathering outside of South Korea. Key executives from Hyundai Motor attended the conference, including Jaehoon Chang, President and CEO of Hyundai Motor Company, and Unsoo Kim, Managing Director and CEO of Hyundai Motor India.
The summit finalized a production development in India's fast developing car sector. The goal is to build an annual production capacity of around 1.5 million vehicles in India, including both the Hyundai and Kia brands. The growth of the EV selection and the creation of an EV ecosystem will play an important role in accelerating customer uptake.
The start of production at Hyundai's recently purchased Pune facility (from GM) last year will help them achieve their targets. The company is currently making modifications to its Pune plant and building a production hub capable of producing 2 lakh devices annually. Production is expected to begin in the second part of 2025.
Combining the Pune plant's 2 lakh capacity with the Chennai plant's existing production capacity of 8.24 lakh units, Hyundai Motor anticipates an annual production capacity of more than 10 lakh (1 million) units. Kia India's yearly production capacity is anticipated to increase to 4.31 lakh units by the first half of 2024. Combining Kia's figures, Hyundai Motor Group anticipates an annual manufacturing capacity of 15 lakh (1.5 million).
Hyundai Kia local-made EV attack
Electric vehicles will play an important role in the company's expansion plans. Hyundai plans to offer its first locally built EV in the Indian market in 2025. This is most certainly the Creta EV, which has already been observed testing several times. Hyundai's Chennai facility will begin mass production of its first domestic electric SUV (the Creta EV) by the end of 2024.
By 2030, the company intends to grow its EV portfolio by adding five new models. Hyundai Motor India's holistic approach to EVs will result in an expansion of EV charging infrastructure by 2030. Kia, like Hyundai, is eager to build a name for itself in the Indian EV market, with their first domestic EV set to go into production in 2025, with more to follow.
Hyundai and Kia recently inked a Memorandum of Understanding with Exide, a renowned Indian battery business, in order to pursue local manufacturing of batteries to power specialized EVs in India.
Statement from Hyundai Motor India.
During the meeting, Executive Chair Chung stated, "Hyundai Motor India has been critical in fueling the growth of the Hyundai Motor Group, navigating several hurdles such as the COVID-19 epidemic, global economic crises, and supply chain interruptions due to semiconductor shortages. We take delight in regularly holding the second-largest market share in this thriving market, and we will continue to raise Hyundai as a premium brand.
"India is one of the world's fastest-growing economies, and as this trend continues, Hyundai Motor India's strategic importance will only rise. We hope to increase exports to neighboring countries by leveraging our strong reputation and competitive quality in India, making India the global export hub to strengthen our regional market competitiveness."
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