NEW DELHI: India can turn out to be the most important market for South Korean auto main Hyundai globally within the close to future with demand for cars anticipated to stay robust, Hyundai Motor India Ltd (HMIL) MD and CEO Unsoo Kim mentioned on Friday.
HMIL accounts for 18.6 per cent (within the January-September interval) of the South Korean automaker’s international volumes.
It expects to breach the 20 per cent mark within the subsequent 2-3 years.It’s within the third place after the US and South Korean markets.
“We’re at present quantity three after the US and Korea and we intention to be primary within the close to future,” Kim advised reporters right here.
HMIL’s contribution to Hyundai international gross sales stood at 15.6 per cent in 2019.
Elaborating on the home market, the automaker famous that it expects to shut the present 12 months with 6 lakh models, its highest ever yearly gross sales quantity within the nation up to now beating the earlier better of 5.5 lakh models posted final 12 months.
The corporate can be ending 2023 with its highest-ever whole annual gross sales of about 7.6 lakh models, up from earlier finest of seven.1 lakh models recorded final 12 months.
On the the corporate’s gross sales outlook in 2024, Kim mentioned the automaker stays assured of a constructive efficiency regardless of varied ongoing geo-political points, together with the Russia-Ukraine and the Israel-Gaza conflicts.
Kim mentioned the automaker is working in direction of enhancing its cumulative annual manufacturing capability to 10 lakh models from the present capability of 8.2 lakh models.
“The corporate is actively working in direction of attaining its purpose of a cumulative yearly manufacturing capability of 1 million models. We plan on attaining this by way of capability optimisation at our Sriperumbudur plant and capability addition by way of our upcoming Talegaon plant, the place manufacturing is scheduled to begin from 2025,” he mentioned.
He mentioned India is shifting in direction of an EV revolution and the corporate plans on investing Rs 20,000 crore strategically in direction of constructing an EV ecosystem within the nation.
The corporate is establishing an EV battery manufacturing plant in Tamil Nadu with an preliminary capability of fifty,000 models every year, which might be scaled as much as 1.2 lakh models per 12 months over a interval of 3-4 years.
According to the Authorities of India’s push in direction of electrification, Hyundai is creating a grid of 100-plus quick EV-chargers throughout Tamil Nadu, including to the prevailing grid of such chargers established at strategic areas alongside the Indian freeway community.
“Now we have already augmented charging infrastructure at dealerships. Most significantly, the corporate can be creating a hub for subsequent era EV batteries by way of the upcoming battery pack meeting facility in Tamil Nadu,” Kim mentioned.
HMIL COO Tarun Garg famous that SUVs have been enjoying an enormous function within the firm’s gross sales quantity within the nation.
“We’re going to finish the 12 months with the SUV vary accounting for 60 per cent of the gross sales. The trade proportion would in all probability be round 50 per cent,” he mentioned.
He famous that an increasing number of charging infrastructure is being created to usher in extra EVs into the market.
The corporate has bought over 1,000 models of Ioniq 5 within the nation up to now, Garg mentioned.
HMIL accounts for 18.6 per cent (within the January-September interval) of the South Korean automaker’s international volumes.
It expects to breach the 20 per cent mark within the subsequent 2-3 years.It’s within the third place after the US and South Korean markets.
“We’re at present quantity three after the US and Korea and we intention to be primary within the close to future,” Kim advised reporters right here.
HMIL’s contribution to Hyundai international gross sales stood at 15.6 per cent in 2019.
Elaborating on the home market, the automaker famous that it expects to shut the present 12 months with 6 lakh models, its highest ever yearly gross sales quantity within the nation up to now beating the earlier better of 5.5 lakh models posted final 12 months.
The corporate can be ending 2023 with its highest-ever whole annual gross sales of about 7.6 lakh models, up from earlier finest of seven.1 lakh models recorded final 12 months.
On the the corporate’s gross sales outlook in 2024, Kim mentioned the automaker stays assured of a constructive efficiency regardless of varied ongoing geo-political points, together with the Russia-Ukraine and the Israel-Gaza conflicts.
Kim mentioned the automaker is working in direction of enhancing its cumulative annual manufacturing capability to 10 lakh models from the present capability of 8.2 lakh models.
“The corporate is actively working in direction of attaining its purpose of a cumulative yearly manufacturing capability of 1 million models. We plan on attaining this by way of capability optimisation at our Sriperumbudur plant and capability addition by way of our upcoming Talegaon plant, the place manufacturing is scheduled to begin from 2025,” he mentioned.
He mentioned India is shifting in direction of an EV revolution and the corporate plans on investing Rs 20,000 crore strategically in direction of constructing an EV ecosystem within the nation.
The corporate is establishing an EV battery manufacturing plant in Tamil Nadu with an preliminary capability of fifty,000 models every year, which might be scaled as much as 1.2 lakh models per 12 months over a interval of 3-4 years.
According to the Authorities of India’s push in direction of electrification, Hyundai is creating a grid of 100-plus quick EV-chargers throughout Tamil Nadu, including to the prevailing grid of such chargers established at strategic areas alongside the Indian freeway community.
“Now we have already augmented charging infrastructure at dealerships. Most significantly, the corporate can be creating a hub for subsequent era EV batteries by way of the upcoming battery pack meeting facility in Tamil Nadu,” Kim mentioned.
HMIL COO Tarun Garg famous that SUVs have been enjoying an enormous function within the firm’s gross sales quantity within the nation.
“We’re going to finish the 12 months with the SUV vary accounting for 60 per cent of the gross sales. The trade proportion would in all probability be round 50 per cent,” he mentioned.
He famous that an increasing number of charging infrastructure is being created to usher in extra EVs into the market.
The corporate has bought over 1,000 models of Ioniq 5 within the nation up to now, Garg mentioned.
