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Hyundai Buys GM's Talegaon Manufacturing Facility - To Increase Production To 1M/Year From 2025
South Korean carmaker Hyundai has announced that it has signed an Asset Purchase Agreement for General Motors' production plant in Talegaon, Maharashtra.
The Asset Purchase Agreement covers the assignment of land and buildings and the acquisition of identified assets at General Motors India's Talegaon Plant and is still subject to regulatory approvals from relevant government authorities and relevant stakeholders.
The deal was signed by Unsoo Kim, Managing Director and CEO of Hyundai Motor India Ltd., and Asifhusen Khatri, Vice President Manufacturing of General Motors India and General Motors International Operations today morning at Gurugram, India.
Hyundai plans to start producing vehicles at the Talegaon facility, which can make 130,000 units/annum in 2025. With its new Talegaon facility up and running alongside its Sriperumbudur plant in Tamil Nadu, Hyundai will produce 1 million (10 lakh) vehicles every year in India.
Announcing the Asset Purchase Agreement, Unsoo Kim, Managing Director and CEO, Hyundai Motor India Ltd. said, "This year is a significant milestone for Hyundai Motor India, as we celebrate 27 years of activity in the market. Demonstrating our dedication to India, earlier this year, HMIL entered into a Memorandum of Understanding (MoU) to invest INR 20,000 crore in Tamil Nadu for expanding capacity and establishing an electric vehicle ecosystem. As we reinforce our commitment to 'Atmanirbhar Bharat' (Self-Reliant India), we intend to create an advanced manufacturing center for cars Made-in-India in Talegaon, Maharashtra. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in 2025."
Hyundai claims that the acquisition of the General Motors facility will help it push forward with its electric ambitions for India. The Korean carmaker will review plans to launch additional electric vehicle models into the Indian market by leveraging the expanded capacity of the Talegaon facility.
Thoughts About Hyundai's Acquisition Of GM's Plant
Hyundai's acquisition of General Motor's plant in Talegaon, Maharashtra spells good news for those looking forward to more EVs from the firm for the Indian market.
However, with production set to start in 2025, your wait to see Hyundai power forward electrically in India is still a little while off.
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