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Hyundai Motors India is planning to invest Rs 6,500 crore in India. Reports from ET Auto states that the company plans to increase production capacity by 50,000 units and also add nine new models within the next three years. These new additions will include the Kona electric SUV among other new models as well as facelifts. Hyundai is also planning to import the charging kits from Korea.
Officials from the company stated that though Hyundai is not playing a volumes game, they aim to become a one million car maker in India by 2020. They also stated that the company plans to get assembled items from vendors rather than separate components to save time and increase output.
Managing Director, Hyundai Motors India, Y K Koo, mentioned that the company would increase capacity by 50,000 units by stretching manufacturing processes and debottlenecking activities. Koo, also stated that Hyundai India aims to sell 7 lakh units by 2018 and increase to 7.5 lakh units by end of 2019.
Thoughts on Hyundai Motors India Investment.
Hyundai India has made a bold move with the plans to expand aggressively in the Indian market. With nine new launches in the next three years including an electric car, Hyundai Motors India aims to dominate the market in the next three years.