Euisun Chung, chairman of Hyundai Motor Group, met with Indian Prime Minister Narendra Modi to discuss the company's local growth strategy and share insights on the development of India's mobility industry. This marks their eighth meeting.
On October 13, Chung held a private meeting with Modi at the Prime Minister's residence in New Delhi.
Chung stated, "Hyundai Motor Group has established a production system capable of manufacturing 1.4 million vehicles annually through the Pune plant. We will actively respond to the continuous growth of the Indian automotive market and expand exports to emerging countries with stable production."
He added, "India is a strategic country that will drive Hyundai Motor Group's future growth and expansion into emerging markets. We plan to invest approximately $15.5 billion over the next seven years starting this year."
Hyundai Motor Group aims to enhance its local presence and business opportunities by focusing on new factory construction, strengthening R&D capabilities, improving local supply chain competitiveness, and developing future technologies. The company is also working to establish a dedicated investment corporation in India.
The decision to expand investments in India is driven by the country's high growth potential, supported by the world's largest population, and its strategic value as a key player in the Global South. The growth of India's automotive industry, which ranks third globally after China and the United States, is also significant.
In line with the growth of the Indian market, Hyundai Motor Group is continuously expanding its local production base. Currently, it operates Hyundai's plants 1 and 2 in Chennai, plant 3 in Pune, and a Kia plant in Anantapur. Last year, Hyundai sold 571,878 vehicles and Kia sold 280,286 vehicles in India, solidifying its position as the second-largest automaker in the country with total sales of 852,164 vehicles.
* This article has been translated by AI.
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