The company has announced a massive investment in excess of $4 billion or Rs 33,000 crore in the country which will go into capacity expansion, battery assembly, development of new technologies like EVs and hydrogen, and also build the R&D and design capability in the country which is linked to the global R&D hubs.
16 Jan 2024 | 9356 Views | By Ketan Thakkar
Unsoo Kim, MD and CEO of Hyundai Motor India says the mission of 2024 for the company is “Consistency and Sustainability” by strengthening the capabilities that will allow the company to tackle any challenges and "achieve sustainable progress."
This mission is in line with the mission announced by its ...
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Unsoo Kim, MD and CEO of Hyundai Motor India says the mission of 2024 for the company is “Consistency and Sustainability” by strengthening the capabilities that will allow the company to tackle any challenges and "achieve sustainable progress."
This mission is in line with the mission announced by its Executive Chairman Euisun Chung earlier in the year.
The company has announced a massive investment in excess of $4 billion or Rs 33,000 crore in the country which will go into capacity expansion, battery assembly, development of new technologies like EVs and hydrogen, and also build the R&D and design capability in the country which is linked to the global R&D hubs.
Speaking at the launch of the new Creta in the national capital, Kim said, "Our commitment to India remains unwavering. We recently announced an investment of Rs 6,180 crore. This is in addition to the already announced investment of Rs 20,000 crore towards capacity expansion, new products and a battery pack assembly plant."
If one were to add Rs 7000 crore investment likely to be committed in the state of Maharashtra, Hyundai Motor India's cumulative investment in India will grow to Rs 33,180 crore for the coming decade.
"These investments chart out the next decade of HMIL’s journey in India. We are also gearing up to inaugurate phase 2 of our corporate headquarters in Gurugram, this is one amongst certain key strategic expansions planned by HMIL over the next few years," added Kim.
On the new generation Creta, Kim said the SUV made Hyundai Motor India a “truly household name” in the country.
With over 9 Lakh customers since its launch in 2015, the Hyundai Creta has made India ‘Live the SUV Life’. The size of the SUV segment in the country accelerated the segment from 14 percent of the overall market in 2015 to 49 percent in 2023.
The model accounts for 26 percent of Hyundai Motor India sales and it continues to lead the mid-size SUV market with a share of 31 percent.
“In line with our ambitions of industry leadership, we are confident that with the launch of the new Hyundai Creta, we will continue to grow Hyundai’s legacy in India," added Kim.
Reviewing the year 2023, the MD of Hyundai Motor India said last year was a "remarkable year" for Hyundai Motor India wherein it "challenged the status quo" by introducing game-changing products and achieving record-breaking sales and reiterating the company's focus on making mobility solutions safer.
"We continue our journey in 2024 and beyond, by charting out a path that will define the future of mobility for India," claimed Kim.