Hyundai To Disburse More Than IDR 11 Trillion To Expand Factory Networks In India

Hyundai Ioniq 5 (source: Hyundai Motor Group)

Hyundai opens the 2024 sheet by announcing investment in the expansion of the factory network in India and intends to disburse 60 billion rupees or IDR 11.2 trillions for the Maharashtra state.

Reported by Reuters on Friday, January 19, in addition to carrying out construction in Maharashtra, a South Korean manufacturer has also completed the acquisition of the General Motors (GM) plant in the region.

Unfortunately, they do not want to reveal details of the value of the agreement for the Talegaon factory or investment details in Maharashtra. Hyundai only said that this factory could increase the production capacity of vehicles from 800,000 units to 1 million units. It is hoped that the facility will operate starting in 2025.

In addition, Hyundai has also announced a series of investments over the past year in Southern state of Tamil Nadu. They announced they had signed a non-binding agreement with the local government to invest 61.8 billion rupees or equivalent to Rp11.6 billion.

This step was taken not without reason, Hyundai wants to maintain its position as the producer with the most sales after successfully ending 2023 with a positive achievement in India.

It is known, Hyundai Motor India Limited (HMIL) has sold as many as 602,111 units in one calendar of 2023, an increase of 9 percent compared to 2022 with a total of 552,511 vehicles.

Then from the export sector, Hyundai in India managed to send 163,675 units for 12 months, an increase of 10 percent compared to the previous year's acquisition which resulted in 148,300 units. The positive note was also followed by sales in December.

In the period at the end of 2023, this manufacturer managed to book 56,450 units compared to the acquisition in December 2022 which only reached 42,750 units.

Then wholesale sales, Hyundai managed to record 765,768 units in that period compared to 2022 which recorded 700,811 units, an increase of 9 percent.

This well-known company produces several vehicles in India, consisting of Grand i10 Nios, i20, i20 N Line, Aura, Extra, Venue, Venue N Line, Verna, Creta, Alcazar,ene, Kona Electric, and Ioniq 5.