New Delhi, October 15 (IANS). South Korea’s leading auto company Hyundai Motor on Wednesday announced that it will invest Rs 45,000 crore in India by FY30 as part of its long-term roadmap.
The company said in an official statement, its aim is to make India its second largest market globally.
During his first visit to India, Hyundai Motor Company President and CEO Jose Munoz said the investment will support new product launches, capacity expansion and research and development (R&D).
“Following our historic IPO last year and 30 years of success in India, HMIL now plans to invest Rs 45,000 crore by FY2030 for its next phase of growth,” Munoz said while addressing the first Investor Day of Hyundai Motor India Limited (HMIL).
Munoz said about 60 percent of the investment will be put into product development and R&D, while 40 percent will be spent on capacity expansion and upgradation.
The company has also set a target of increasing exports to 30 percent of the total production.
Under its 2030 roadmap, HMIL plans to launch 26 new models by FY30, including seven new names.
The company will enter the MPV and off-road SUV segments and launch its first locally designed, developed and manufactured electric SUV by 2027.
The company said that Hyundai will also bring its luxury brand Genesis to India by 2027.
The auto maker aims to grow its revenue 1.5 times to cross Rs 1 lakh crore by FY 2030.
The company is also aiming to achieve more than 15 per cent market share in the domestic market, with special emphasis on utility vehicles and eco-friendly models like CNG, EV and hybrid.
Additionally, Hyundai Motor India Limited (HMIL) announced the appointment of Tarun Garg as its new Managing Director and Chief Executive Officer (MD & CEO) and he will take charge of the company from January 1, 2026.
Garg, who currently serves as the company’s Chief Operating Officer (COO), will be the first Indian to lead Hyundai Motor India since the company began operations in the country in 1996.
–IANS
abs/