Hyundai to pump in $1 billion in India by 2020
South Korean auto major Hyundai plans to invest over $1 billion (around Rs 6,300 crore) in India in the next three years on new products, development of powertrain and setting up of a new office building.
The company, which operates here through its wholly-owned arm Hyundai Motor India Ltd (HMIL), plans to launch an electric vehicle next year and is also gearing up for the possible comeback of its popular model Santro around Diwali this year.
HMIL has lined up nine products to be introduced between 2018 and 2020.
"Our total investment till 2020 will be over $1 billion," HMIL Managing Director and CEO Y K Koo told PTI in an interview here.
He further said, "The investments will be on nine new products to be launched between this year and 2020, powertrain development and setting up of our new office building in Gurugram," he said.
Elaborating on the new products to be introduced, he said, "Two will be completely new models, one will be an electric vehicle, two facelifts and four will be full model changes of existing products."
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"We will import our first EV as CKD (completely knocked down) units and assemble at our Chennai plant. Later on, depending on market response, we will consider manufacturing here in India but that will take time," Koo said.
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On plans to set up a new manufacturing plant in the country, Koo said the company can manage with the current facility till the next three years.
He added that with exports to some big markets like Algeria not doing well, more units from the Chennai plant could be adjusted for the domestic market.
"We can increase the current production capacity at Chennai plant to 7.13 lakh units. Even with domestic market growing at 7-8 per cent, with flexible production at the plant, we can manage by 2020," Koo said.
Read more at:
//economictimes.indiatimes.com/articleshow/62712565.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
South Korean auto major Hyundai plans to invest over $1 billion (around Rs 6,300 crore) in India in the next three years on new products, development of powertrain and setting up of a new office building.
The company, which operates here through its wholly-owned arm Hyundai Motor India Ltd (HMIL), plans to launch an electric vehicle next year and is also gearing up for the possible comeback of its popular model Santro around Diwali this year.
HMIL has lined up nine products to be introduced between 2018 and 2020.
"Our total investment till 2020 will be over $1 billion," HMIL Managing Director and CEO Y K Koo told PTI in an interview here.
He further said, "The investments will be on nine new products to be launched between this year and 2020, powertrain development and setting up of our new office building in Gurugram," he said.
Elaborating on the new products to be introduced, he said, "Two will be completely new models, one will be an electric vehicle, two facelifts and four will be full model changes of existing products."
.................................................................................................................
"We will import our first EV as CKD (completely knocked down) units and assemble at our Chennai plant. Later on, depending on market response, we will consider manufacturing here in India but that will take time," Koo said.
................................................................................................................
On plans to set up a new manufacturing plant in the country, Koo said the company can manage with the current facility till the next three years.
He added that with exports to some big markets like Algeria not doing well, more units from the Chennai plant could be adjusted for the domestic market.
"We can increase the current production capacity at Chennai plant to 7.13 lakh units. Even with domestic market growing at 7-8 per cent, with flexible production at the plant, we can manage by 2020," Koo said.
Read more at:
//economictimes.indiatimes.com/articleshow/62712565.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
