Desk: South Korea’s leading car manufacturer Hyundai has made a big announcement for India. The company has said that it will invest Rs 45,000 crore in the next 5 years. Not only this, Hyundai will also launch 26 new models. Addressing investors on his first visit to India, President and CEO Jose Muñoz said that Hyundai India aims to contribute up to 30% of its total business from exports.
Jose Muñoz said on Wednesday that Hyundai Motor India Limited (HMIL) will invest ₹45,000 crore by 2030. Its aim is to make India the second largest global market for Hyundai. The company aims to grow its total income by 1.5 times and cross ₹1 trillion (Rs 1 lakh crore) turnover by FY2030.
Under the 2030 growth roadmap, Hyundai India will launch 26 new models, which will include 7 brand new models. These will include the company’s entry in MPV (Multi Purpose Vehicle) and off-road SUV segments. The company plans to launch an electric SUV completely designed, developed and manufactured in India by 2027. Along with this, Hyundai will also launch its luxury brand Genesis in India by 2027.
Muñoz said that 60% of the investment will be made on product and R&D (Research and Development) and the remaining 40% will be spent on increasing capacity and upgradation. India is an important part of Hyundai’s global growth strategy. By 2030, India will become the second largest market after North America. Currently, India is Hyundai’s third largest market, accounting for 15% of the company’s global sales. Regarding Prime Minister Narendra Modi’s Make in India vision, Muñoz said, we are making India a global export hub and the aim is to contribute up to 30% in exports.
Ansoo Kim, Managing Director, Hyundai India, said, we aim to achieve revenue of ₹1 trillion by FY2030, while maintaining strong double digit EBITDA margins. The company wants its contribution from SUV and eco-friendly powertrain (CNG, EV, Hybrid) to exceed 80% and 50% by FY2030. HMIL MD and CEO Tarun Garg said, we plan to further strengthen our position in the SUV segment. By FY2030, we aim to have SUVs contribute 80% to our total sales.
