Hyundai wants to make India its second largest market by 2030 or earlier. For this the company has increased focus on localization. The company wants to launch many products. Besides, there will be more emphasis on India in terms of exports as well as research and development. Hyundai Motor Company (HMC) CEO Jose Munoz gave this information to the media in Mumbai on October 15.
The company wants to bring India from fourth position to second position.
Munoz said, “We want to bring India from number four to number two. We want to do this by 2030 or before. India will be at the second position after North America. It will have 15 percent share in our total sales.” He said that for this the company has planned to launch 26 new products. Of these, 7 will be in the new segment.
India more important than China for Hyundai for last 30 years
He made it clear that India and not China has been more important for Hyundai in the last 30 years. India will play a big role in the company’s next phase of growth. For this, localization is being increased. Also, more emphasis is being laid on manufacturing, supply chain, product development and technology in India. He said, “He said that today you cannot compete with the competition by exporting from one country to the whole world. You will have to produce in Europe, America and India.”
Hyundai’s cars sold in India are 100 percent made in India.
The vehicles that Hyundai sells in India are 100 percent made in India. It is India’s largest passenger vehicle exporter. The company exports about 30 percent of its production. India has a big place in the plan that the company has made to strengthen its position in terms of capacity and technology. The company has planned to spend Rs 45,000 crore on increasing the production capacity of the Pune plant, product development and engineering.
Hyundai is already competing with big brands in the international market
Regarding the increasing presence of Chinese auto companies in India, Munoz said that Hyundai is already competing with Chinese brands in the open market. He said, “In Europe, we are the first non-European brand. We are at the fourth position. In Latin America, you can take the example of Brazil. We are among the top players there. If they come to India, the competition will increase. Ultimately it is the consumers who have to take the decision.”
46 percent rise in shares in last six months
Hyundai shares showed a rise on October 15. The shares closed 0.25 percent higher at Rs 2,418. The company’s shares have increased by 46 percent in the last 6 months. In India, Hyundai competes with companies like Maruti Suzuki and Tata Motors. Maruti Suzuki is the largest manufacturer of passenger vehicles in India.