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India to become Hyundai’s No 2 market ahead of 2030
Hyundai Motor India senior executive Tarun Garg has said India will become Hyundai Motor Company's second-largest market globally ahead of FY30, surpassing Europe. India currently contributes about 18.5-19% of Hyundai's global sales,…
Hyundai Motor India senior executive Tarun Garg has said India will become Hyundai Motor Company's second-largest market globally ahead of FY30, surpassing Europe. India currently contributes about 18.5-19% of Hyundai's global sales, up from 15% five years ago. The US and Korea remain ahead. Garg said the target will be achieved much faster than FY30.
The company is executing a Rs 45,000-crore investment plan through FY30 for manufacturing, electrification, and new products. Capacity will rise from 994,000 to over 1.1 million units. Hyundai plans 26 new products and variants, and aims to raise exports to 30% of sales from 24.5% last fiscal. The new Venue will be exclusively produced in India. Hyundai's Hyderabad R&D centre has 1,300 engineers.
Garg said EV adoption in India has risen to 7% in July from 2.5% a year ago, helped by more models and the PM E-DRIVE scheme. Hyundai will launch a sub-four-metre electric SUV this fiscal at an aggressive price. The company has localised battery packs, partnered with Exide for cells, and begun exporting the Creta EV. It will offer petrol, diesel, CNG, hybrids, electric, and hydrogen powertrains.
Indian Opinion Analysis
Hyundai's bet on India reflects a shift from low-cost assembly to integrated R&D and export hub. The Rs 45,000-crore investment equals what the company spent in its first 30 years combined, signalling accelerated commitment. The target of 30% exports means India will supply markets in both developing and developed regions, reducing Hyundai's reliance on Korean factories. For Indian consumers, the aggressive EV push and localised battery production could lower electric car prices. Watch for the sub-four-metre electric SUV launch this fiscal: its pricing will test whether India's EV market can move beyond early adopters to mass buyers.
Source: businesstoday.in
This story was synthesised by AI from the source linked above.
