Hyundai Motor India is aiming for significant growth in the Indian market as well as international markets with its planned capacity expansion at the Talegaon manufacturing plant in Pune. The Indian wing of the South Korean auto major hopes the planned capacity expansion at the Talegaon facility will provide the company with more headroom for growth in domestic and international markets. Hyundai also said that the OEM always looks for a balance between growth, profitability and market share.

Tarun Garg, Chief Operating Officer of Hyundai Motor India, said that the company's current capacity is 8.24 lakh units per annum. With the acquisition of the Talegaon plant, 250,000 units will be added to the annual production capacity, which will come in two phases. Garg said that Hyundai India aims to add 1.70 lakh units next year and 80,000 units by 2028. "So, this is basically almost a 30 per cent capacity addition. So, we believe that it will give us more headroom both in domestic as well as an export market," he said. With this capacity expansion, the cumulative production volume of the automaker in India will reach almost 11 lakh units by 2028.

Garg also said that the company has been able to grow faster than the industry, and the objective will always be to really beat the industry growth and then pursue the premiumisation strategy so that you can have a balance between growth, profitability and market share.

Hyundai India aims EV market share growth

The Hyundai official said that the company is hopeful of enhancing its market share in the Indian electric vehicle space, where it stands as a marginal player currently. For this, the automaker is betting big on the Hyundai Creta EV. In the EV space, the company was so far present in the niche segment, but with the Creta EV, there will be an opportunity to increase the market share, believes Garg.

He also said that there will be three more electric cars. Besides that, the automaker is also focusing on higher supply chain localisation, including battery packs, LFP cells, power, electronics and the developing EV charging infrastructure. "So, I think, this is how we intend to continue. Also, there is going to be one big change, which is going to happen, and that is electrification. If you see, currently, our market share is basically in the ICE space. In the next quarter, we are going to launch the Creta electric, which is a very strong brand, so this will really give us a lot of global market share in the EV space as well," he said.

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