Deputy CM of Maharashtra wrote that Hyundai Has been confirmed Investment of Rs 7,000 crore in Talegaon, Pune. He also wrote that this would be the auto maker’s first investment in India beyond Tamil Nadu, where the company has been investing and successfully doing business for over 25 years. He further wrote that Hunai will sign an MoU with the Maharashtra government at the World Economic Forum summit in Davos.
Bloomberg claimed in a report that Hyundai will make phased investments to upgrade existing infrastructure and manufacturing equipment at the Talegaon plant, which it bought from General Motors in 2023. The plant lay idle for years after the US-based auto company struggled to sell it. It stopped after leaving India.
The new plant is expected to significantly increase the automaker’s production capacity. Currently, it is the second largest car manufacturer in India with an annual production capacity of 8.25 lakh units at its Tamil Nadu manufacturing facility. However, it is not yet confirmed how much the brand’s production capacity will increase once the Talegaon plant becomes operational. Furthermore, it has not yet been confirmed when it will be operational for Hyundai cars to be restocked again.
Keeping in mind the increasing demand for utility vehicles across the country, the automaker is focusing on SUVs. Hyundai is also planning to invest Rs 200 crore over the next eight years to build new electric vehicles, battery pack assembly units and EV charging stations on major highways in Tamil Nadu.
First publication date: 16 January 2024, 09:33 AM IST