SEOUL, October 14 (AJP) - Hyundai Motor group will invest $15.5 billion in India through 2032 to expand production, research and supply chains, the South Korean automaking conglomerate said Tuesday.
The seven year plan includes $700 million for R&D facilities and a new investment company that will coordinate spending on future technologies, local suppliers and new businesses.
Executive Chair Euisun Chung outlined the plan during a meeting with Indian Prime Minister Narendra Modi in New Delhi on Monday.
Hyundai and Kia currently have combined annual production capacity of more than 1.4 million vehicles in India through plants in Chennai, Pune and Anantapur. The group plans to further expand its production base as demand grows.
Hyundai also aims to raise its local parts sourcing ratio to more than 90 percent by 2030. The group is expanding cooperation with Indian companies in areas including EV charging, vehicle financing and recycling.
It has also developed an electric three-wheeler prototype with India's TVS Motor, with commercialization targeted for the end of next year.
Hyundai entered India in 1996. The country has since become one of the group's key manufacturing and export bases.
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