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Oct 13 (Reuters) - Hyundai Motor said on Tuesday it would invest $15.5 billion in India through 2032 to expand manufacturing and develop new automotive technologies, positioning the country as a key market for future growth.
The South Korean automaker's seven-year plan includes a dedicated investment entity in India and spans manufacturing expansion, research and development infrastructure and local supply chains.
India, the world's third-largest car market, has become an increasingly important growth market for global automakers which are seeking to expand production, increase local sourcing and develop vehicles suited to Indian consumers. The group plans to invest about $700 million in its Indian research and development centre, including a vehicle testing track, as part of efforts to develop next-generation automotive technologies.
The investment announcement followed a meeting between Hyundai Motor Group Executive Chair Euisun Chung and Indian Prime Minister Narendra Modi in New Delhi on Tuesday.
The investment plan, covering 2026 to 2032, will expand manufacturing capacity at Hyundai Motor India and Kia India to support significant volume growth, the company said.
Hyundai Motor Group, which employs more than 24,000 people in India, said the investment would create additional jobs across manufacturing, research, engineering and supply chains, without specifying a number. Hyundai Motor Group currently has an annual production capacity of more than 1.4 million vehicles in India, comprising 824,000 units at Hyundai's Chennai facilities, 170,000 units at its Pune plant and 431,000 units at Kia's Anantapur facility.
https://www.hyundai.com/worldwide/en/newsroom/detail/0000001288 @Nimble @Vikramaditya1 @Sam6536
