(MENAFN- KNN India)
New Delhi, Oct 11 (KNN) Hyundai Motor India Ltd. (HMIL) has unveiled an ambitious investment plan totalling Rs 32,000 crore for its manufacturing facilities in Chennai and Pune, to be implemented by 2032.
The announcement was made by HMIL's Managing Director, Unsoo Kim, during a recent media briefing.
The investment will be allocated with Rs 26,000 crore designated for the Chennai plant and Rs 6,000 crore for the Pune facility.
Kim elaborated that the funds will primarily be utilised for upgrading infrastructure, developing new vehicle models encompassing both Internal Combustion Engine (ICE) and Electric Vehicle (EV) platforms, and establishing charging infrastructure for electric vehicles.
HMIL has set a production target of 775,000 vehicles for 2024, marking a slight increase from the 765,000 units manufactured in the previous year.
The company is placing significant emphasis on its EV strategy, with plans to launch four electric vehicles in the fourth quarter of the current fiscal year.
These new models will span various segments, including mass-market vehicles, premium offerings, and an electric version of the popular Creta model.
Addressing India's nascent EV market, Kim highlighted its importance for HMIL's export growth strategy. He noted that while India is in the early stages of electrification, Hyundai Motor Company possesses advanced EV technology, and numerous Indian Original Equipment Manufacturers have partnered with the company.
The South Korean automaker is intensifying its focus on EVs and Sport Utility Vehicles (SUVs).
Efforts are underway to localise the production of battery pack assemblies and powertrains for electric vehicles, underscoring the company's commitment to the Indian market.
C.S. Gopalakrishnan, Chief Manufacturing Officer, HMIL provided insights into the company's production capacity. The Chennai plant currently has an annual production capacity of 824,000 units.
The upcoming Pune plant, scheduled for commissioning in the second half of 2025, will initially have a capacity of 170,000 units in its first phase.
This capacity is slated to increase by an additional 80,000 units in the second phase, bringing the total annual production capability of the Pune facility to 250,000 units.
(KNN Bureau)
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