While Maruti Suzuki continues to dominate the Indian car market with no competitors, Hyundai and Tata are vying for second place. Hyundai has recently introduced many improved models to compete with Tata cars. Apart from that, Hyundai is increasing its production capacity, recognizing the importance of timely delivery in India.
Hyundai Motors to Take over General Motors Plant
Hyundai Motors has purchased a new plant in order to increase vehicle production. The company has taken over the Talegaon plant from General Motors. Hyundai Motor India announced yesterday that an Asset Purchase Agreement (APA) had been signed for this purpose. Hyundai intends to increase its total annual vehicle production in India to 10 lakh units with the acquisition of this manufacturing plant.
The company intends to begin construction at this General Motors plant, which Hyundai is acquiring, within the next two years. Hyundai is acquiring the General Motors plant as part of its expansion strategy in India. Hyundai’s manufacturing plant is currently located in Sriperampathur, near Chennai. The company hopes to increase its annual production capacity to 10 lakh units with the acquisition of the Talegaon plant.
Hyundai stated in an official press release that the plant acquired by the company will be critical in the production of electric vehicle models for the Indian market. According to Unsoo Kim, Managing Director and CEO of Hyundai Motor India Limited, the acquisition of the Talegaon plant is a significant milestone for Hyundai. He also stated that Hyundai Motor India is celebrating 27 years in the market this year and will invest Rs 20,000 crore in Tamil Nadu first.
The Talegaon plant has a capacity of 130,000 units per year. Hyundai intends to significantly increase this capacity. The company recently claimed that production capacity would be increased from 7.50 lakh units per year to 8.20 lakh units in the first half of 2023. The Talegaon plant will undoubtedly play a significant role in total production. Hyundai has announced that it will invest in the Talegaon plant in stages to upgrade the existing infrastructure and manufacturing equipment.
Requirement of new plant
This is the time when vehicle delivery times are hotly debated. Car buyers in India are irritated by the fact that they must wait years for popular vehicles. Increased production is the solution to this problem. Mahindra is also attempting this. The opening of the new Hyundai plant will allow for faster production and delivery of vehicles, including the recently launched Exeter.
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