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Hyundai bets on expansion; hopes to return to No 2 position in PV sales by 2028-29

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Hyundai bets on expansion; hopes to return to No 2 position in PV sales by 2028-29

Hyundai bets on expansion; hopes to return to No 2 position in PV sales by 2028-29

With an investment of ₹7,000 crore in Maharashtra, Hyundai is focusing on localization and creating new job opportunities. Furthermore, plans to launch 26 new models are expected to strengthen Hyundai's product portfolio.

Hyundai Motor India (HMI) is targeting a return to the No. 2 position in the domestic passenger vehicle market by 2028-29, with a phased expansion of its newly inaugurated Talegaon plant in Pune to 320,000 vehicles a year expected to provide the production headroom needed to regain market share, Hyundai Motor president and CEO Jose Munoz told ET on Wednesday on the sidelines of an event to mark the opening of a new plant by Maharashtra chief minister Devendra Fadnavis and other top officials from its global headquarters. "It's going to be a matter of production," said Munoz. "What our colleague Tarun Garg (managing director and CEO of Hyundai Motor India ) wants is more cars. This factory is going to help us. Once the factory increases production up to 320,000 units per annum, we're going to get there. At the latest, it may be 2028-29." "We are not obsessed with that," he said when asked about regaining the No. 2 position. "The most important thing is good product, good quality and then everything else is going to come." Advt

India is the world's second largest market by volume for Hyundai, after the US, said Munoz. "The Indian consumer is the most demanding in the world," he said.


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