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Hyundai’s Big Bet: Chairman Chung Puts India in Focus for Future Growth

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Hyundai Motor Group Chairman Chung Eui Sun visited India, which has emerged as a global economic power, reviewed the local future growth strategy, and communicated directly with employees. Chung revisited India in August 2023 because India’s strategic importance is increasing. India, the world’s largest population, became the world’s 5th largest economy nation in 2023. It is predicted to surpass Japan and take fourth place in 2025.

Chung said during his recent visit to India that Hyundai Motor Group plans to expand its production capacity in India and establish a significant global export hub for Hyundai and Kia vehicles. Hyundai Motor Group has set a goal of increasing its annual production capacity to 1.5 million units by 2025 and plans to invest $3 billion by 2030 to achieve this goal.

Hyundai Motor Group also set a goal to grow Kia into a major automobile brand in India, which recently surpassed Japan and emerged as the world’s third-largest automobile market after China and the U.S. Hyundai Motor Group aims to sell 890,000 units in India in 2024, a 4% increase compared to 2023.

It also said it aims to lead the transition to battery electric vehicles by increasing local production, introducing new products, and establishing an ecosystem, including a charging network.

Chung emphasized in a statement that India is one of the fastest-growing economies and that as this growth continues, the strategic importance of Hyundai’s India subsidiary will increase. He also said the company aims to leverage its strong reputation and competitive quality in India to expand exports to neighboring countries, making India a global export hub and increasing regional market competitiveness.

Furthermore, he added that with the electric vehicle market expected to expand significantly around 2030, the company focuses on developing locally customized electric vehicles to establish itself as a leading global electric vehicle brand.

Hyundai Motor Group recently signed a contract with Indian battery manufacturer Exide Energy Solutions to procure batteries for electric vehicles locally.

Hyundai India aims to sell five locally customized BEVs by 2030.

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