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‘Hyundai to invest ₹32,000 crore in 2 plants till 2032’


South Korean carmaker Hyundai Motor India Ltd. (HMIL) will invest ₹32,000 crore in its Chennai and Pune plant till 2032, said its Managing Director Unsoo Kim.

“We are looking at investing ₹32,000 crore, of which ₹26,000 crore is for Chennai Plant and ₹6,000 crore for the Pune plant,” he told the media.

According to him, most part of the sum will be invested towards upgrading the infrastructure, development of new models (Internal Combustion Engine and Electric Vehicle) and setting up charging infrastructure.

He also said that the company was targeting to produce 7.75 lakh cars during 2024 against 7.65 lakh produced in the year-earlier period.

On the future launches, Mr. Kim said that they would be launching four EVs during the Q4 of this fiscal that included cars in mass segment, premium segment and Creta EV.

Talking about HMIL EV strategy, he said that India is in the early stages of electrification. India EV market is important for HMIL to grow its exports. Hyundai Motor Company has EV technology. Many Indian Original Equipment Manufacturers have come on board.

Going forward their focus will be on EV and Sport Utility Vehicle; he said that efforts are on to localize battery pack assembly and powertrains for EVs.

Chief Marketing Officer C.S. Gopalakrishnan said that the Chennai plant has a production capacity of 8.24 lakh units per annum. The upcoming Pune plant will have 1.70 lakh units in the first phase that would get commissioned during the second half of 2025. In the second phase, it will produce 80,000 units taking the total to 2.50 lakh units.



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