New Delhi: India can become the largest market for the South Korean auto major Hyundai With demand for automobiles expected to remain strong globally in the near future, Hyundai Motor India Limited (HMIL) MD and CEO Ansoo Kim said on Friday.
HMIL accounts for 18.6 per cent (in the January-September period) of the South Korean automaker’s global sales.
It is expected to cross the 20 percent mark in the next 2-3 years. It ranks third after the US and South Korean markets.
“We are currently ranked third after the US and Korea and our aim is to become number one in the near future,” Kim told reporters here.
HMIL contributed 15.6 percent to Hyundai’s global sales in 2019.
Elaborating on the domestic market, the automaker said it expects to close the current year with 6 lakh units, the highest ever annual sales in the country, up from 5.5 lakh posted last year. Will surpass the previous best performance of the units.
The company is expected to end 2023 with its highest-ever total annual sales of around 7.6 lakh units, up from the best of 7.1 lakh units recorded last year.
On the company’s sales outlook in 2024, Kim said the automaker is confident of positive performance despite various geopolitical issues including the Russia-Ukraine and Israel-Gaza conflicts.
Kim said the automaker is working towards increasing its cumulative annual production capacity to 10 lakh units from the current capacity of 8.2 lakh units.
“The company is actively working towards achieving its target of cumulative annual production capacity of 1 million units. We aim to achieve this through capacity optimization at our Sriperumbudur plant and capacity addition through our upcoming Talegaon plant. “, where production is scheduled to begin by 2025,” he said.
He said India is moving towards an EV revolution and the company plans to strategically invest Rs 20,000 crore to build the EV ecosystem in the country.
The company is setting up an EV battery manufacturing plant in Tamil Nadu with an initial capacity of 50,000 units per annum, which can be expanded to 1.2 lakh units per annum over a period of 3-4 years.
In line with the Indian government’s push towards electrification, Hyundai is developing a grid of over 100 fast EV-chargers across Tamil Nadu, adding to the existing grid of such chargers installed at strategic locations along the Indian highway network.
“We have already ramped up the charging infrastructure at the dealerships. Most importantly, the company is also developing a hub for next-generation EV batteries through the upcoming battery pack assembly facility in Tamil Nadu,” Kim said.
HMIL COO Tarun Garg said that SUVs are playing a big role in the company’s sales in the country.
“We are going to end the year with 60 per cent share in SUV range sales. The industry percentage will probably be around 50 per cent,” he said.
He said more and more charging infrastructure is being built to bring more EVs to the market.
Garg said the company has sold more than 1,000 units of the Ioniq 5 in the country so far.
HMIL accounts for 18.6 per cent (in the January-September period) of the South Korean automaker’s global sales.
It is expected to cross the 20 percent mark in the next 2-3 years. It ranks third after the US and South Korean markets.
“We are currently ranked third after the US and Korea and our aim is to become number one in the near future,” Kim told reporters here.
HMIL contributed 15.6 percent to Hyundai’s global sales in 2019.
Elaborating on the domestic market, the automaker said it expects to close the current year with 6 lakh units, the highest ever annual sales in the country, up from 5.5 lakh posted last year. Will surpass the previous best performance of the units.
The company is expected to end 2023 with its highest-ever total annual sales of around 7.6 lakh units, up from the best of 7.1 lakh units recorded last year.
On the company’s sales outlook in 2024, Kim said the automaker is confident of positive performance despite various geopolitical issues including the Russia-Ukraine and Israel-Gaza conflicts.
Kim said the automaker is working towards increasing its cumulative annual production capacity to 10 lakh units from the current capacity of 8.2 lakh units.
“The company is actively working towards achieving its target of cumulative annual production capacity of 1 million units. We aim to achieve this through capacity optimization at our Sriperumbudur plant and capacity addition through our upcoming Talegaon plant. “, where production is scheduled to begin by 2025,” he said.
He said India is moving towards an EV revolution and the company plans to strategically invest Rs 20,000 crore to build the EV ecosystem in the country.
The company is setting up an EV battery manufacturing plant in Tamil Nadu with an initial capacity of 50,000 units per annum, which can be expanded to 1.2 lakh units per annum over a period of 3-4 years.
In line with the Indian government’s push towards electrification, Hyundai is developing a grid of over 100 fast EV-chargers across Tamil Nadu, adding to the existing grid of such chargers installed at strategic locations along the Indian highway network.
“We have already ramped up the charging infrastructure at the dealerships. Most importantly, the company is also developing a hub for next-generation EV batteries through the upcoming battery pack assembly facility in Tamil Nadu,” Kim said.
HMIL COO Tarun Garg said that SUVs are playing a big role in the company’s sales in the country.
“We are going to end the year with 60 per cent share in SUV range sales. The industry percentage will probably be around 50 per cent,” he said.
He said more and more charging infrastructure is being built to bring more EVs to the market.
Garg said the company has sold more than 1,000 units of the Ioniq 5 in the country so far.