Boost for Hyundai Motor export plans, as auto co plans to launch slew of EVs over next 4 years
Hyundai Motor India Ltd (HMIL) will drive parent Hyundai Motor's ambitious strategy to make India a key export hub to expand its global business, besides seeking gains in the domestic market, said senior industry executives with knowledge of the matter.
As part of this, the company plans to introduce nearly half a dozen electric vehicles over the next four years for local sales and exports, as more assembly lines come on stream in India.
«Hyundai has been constrained by capacity the last couple of years,» said one of the persons cited. «The company has already enhanced capacity at its manufacturing plant in Chennai to 820,000 units per annum to meet domestic demand. With fresh capacity coming in from Talegaon in 2025, Hyundai is looking at ramping up exports from India which have been received well in markets in Latin America, the Middle East and Africa.» HMIL's revenue from exports rose 83% to ₹14,120.92 crore in the last three years, despite geopolitical uncertainties. Revenue from operations in the local market rose 39% to ₹33,274.83 in the same period. As much as 23.4% of the company's total revenue came from the sale of vehicles and parts overseas in FY23. In volume terms, exports accounted for about 21% of total vehicle sales in that fiscal year.
Some of the money raised will likely be used to enhance capacity to over 1 million units across its facilities in Tamil Nadu and Maharashtra and develop new products, including affordable electric vehicles over the next decade.
Competition with Maruti Suzuki
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