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NEW DELHI/PUNE — Officials from South Korea and India gathered on the 14th in Talegaon, Maharashtra state, about 140 kilometers southeast of Mumbai, India's financial center, to mark the completion of Hyundai Motor's (005380) new plant in Pune. Attendees included Maharashtra Chief Minister Devendra Fadnavis, Lok Sabha member Shrirang Appa Barne and Lee Sung-ho, South Korea's ambassador to India. Hyundai Motor Group was represented by Executive Chair Euisun Chung, Vice Chairman Chang Jae-hoon, President Jose Munoz and Tarun Garg, managing director of Hyundai Motor India Ltd. (HMIL).
"India, where we first began operations 30 years ago, has become a central pillar of Hyundai Motor's global growth," Chung said. "The completion ceremony for the Pune plant will mark the opening of a new chapter for Hyundai Motor in India." Chung added that the company is "now moving beyond 'Make in India' toward 'Design in India' and 'Innovate in India,'" and said it would "invest, innovate and grow together" with the country.
The Pune plant is a former General Motors facility that had sat idle since production halted in 2020. Hyundai Motor acquired the site and rebuilt it as a smart manufacturing base, investing about 1 trillion won ($700 million) excluding the purchase price. The site covers 1.2 square kilometers, equivalent to 166 soccer fields. It is Hyundai Motor's third production base in India after its two Chennai plants, and houses an engine plant, a test track and employee training facilities alongside the vehicle assembly line. Annual capacity of 170,000 units will rise to 250,000 by 2028 and 320,000 by 2030.
With the Pune plant in operation, Hyundai Motor now has close to 1 million units of annual capacity in India. The two Chennai plants can produce 824,000 units a year. Adding the 431,000-unit capacity of Kia's (000270) Anantapur plant brings Hyundai Motor Group's total Indian capacity to 1.425 million units a year. Once the first phase of expansion at Pune is complete in 2028, the group will have a 1.5 million-unit annual production system in India.
With Pune taking over production of the Venue, a model developed for the local market, Hyundai Motor will accelerate the shift of its Chennai plants toward electric vehicles. The Indian government is offering a range of incentives aimed at raising EVs to 30% of new vehicle sales by 2030. In response, Hyundai Motor has set a goal of becoming one of the country's leading players in electrification. Alongside the Ioniq 5 and Creta Electric already on sale, it will launch a small electric sport utility vehicle developed for the Indian market in the first quarter of next year.
Hyundai Motor Group's push into India reflects the market's growth potential. India has overtaken China as the world's most populous country, with about 1.47 billion people, and the Organisation for Economic Co-operation and Development in September projected its growth this year at 7.1%. The passenger car segment, which accounts for more than 80% of the total auto market, is expected to expand nearly 15% to 5.25 million units this year from 4.57 million last year.
Local production is essential because India imposes tariffs of 70% to 110% on imported vehicles. The country also has value as an export hub for emerging markets, given its proximity to the Middle East and Africa and its low manufacturing costs. Hyundai Motor Group sold a combined 852,164 vehicles in India last year — 571,878 Hyundai and 280,286 Kia vehicles — for an 18.7% market share, ranking second.
The group also announced a medium- to long-term investment plan for India on the same day, committing $15.5 billion, or about 20.8 trillion won, over the seven years through 2032. The plan treats India — the world's third-largest auto market and a core country of the Global South — not merely as a consumer market but as a central pillar of future growth.
Hyundai Motor Group will train skilled workers through its technical research center in India and raise local sourcing of parts through joint investments with local suppliers. New models will be equipped with Level 2+ autonomous driving technology adapted for local conditions. The group will also invest in local startups and new businesses.
The group has already completed a prototype electric three-wheeler (i3W) with India's TVS Motor Company and is working toward commercialization in late 2027. A newly established investment company in India will identify, coordinate and execute future investment projects at the group level.
Hyundai Motor Group's expanded investment in India is also expected to benefit suppliers back home. About 120 Korean parts makers have followed Hyundai Motor and Kia into the country. Auto parts exports to India totaled $841.09 million, or about 1.126 trillion won, last year, ranking fifth among major items in trade with India.
Chung has maintained close ties with Prime Minister Narendra Modi as part of the push into the Indian market. Their meeting the previous day was their eighth. The group is also active in local community programs. Major affiliates including Hyundai Motor, Kia and Hyundai Mobis built up $110 million, or about 164 billion won, in cumulative social contribution funding in India from 2016 through 2025. HMIL also plans to establish a vocational technical school, Hyundai Automotive Technical School (HATS), in Chennai, Tamil Nadu state, which will train about 13,000 people a year.