Hyundai Motor "India as a Production and Export Hub... 1.1 Million Units Production by 2028"

Executive Team, India Subsidiary Stock Market Listing Press Conference

Hyundai Motor Company announced its plan to develop India as a major production and export hub.

On the 22nd (local time), Hyundai Motor CEO Jang Jae-hoon revealed this plan in an interview with Kim Eon-su, head of Hyundai Motor India, Tarun Garg, COO, and Koo Ja-yong, Executive Vice President in charge of Hyundai Motor IR.

CEO Jang said, "The Indian automobile market is an important market with an annual growth rate of 5%," adding, "We will strengthen research and development capabilities in India and expand our role in exporting to regions such as the Middle East."

Regarding the background of the Indian subsidiary's listing, CEO Jang explained, "This is the first local listing of an overseas subsidiary," and said, "After hearing investors' opinions on the Indian market situation, the feedback was positive." He added, "We will maintain growth momentum through this listing."

Head Kim stated, "We view the Indian market positively as it has the world's largest young population," and added, "Foreign investors also see India as a good investment destination. We considered this timing ideal for an initial public offering (IPO)."

COO Tarun Garg said, "We plan to expand the production capacity of the Pune plant to 1.1 million units by 2028, increasing not only domestic sales but also export volumes." He emphasized, "We will strengthen our position in the Indian market by launching additional electric vehicle brands and localizing batteries."

The Indian subsidiary, which entered India in 1996 and began operating the Chennai plant in Tamil Nadu in the south, acquired the GM plant located in Pune, Maharashtra in the west at the end of 2023.

Head Kim said, "India is an early electric vehicle market, but with strong support from the local government, we plan to launch three electric vehicle models in the near future."