New Delhi, Nov 14
Hyundai Motor India (HMI), the country’s second largest carmaker, has drawn up ambitious expansion plans for making India a production hub that will also cater to the rising export demand for its vehicles in the emerging markets.
HMI Managing Director Unsoo Kim said in a conference call that the car major would be expanding production to meet the growing demand in the domestic market as well as the export market in Africa, the Middle East, Latin America and South Asia.
"We are seeing the domestic volume is increasing and the export market is also increasing. And then, we have a very suitable product lineup for emerging markets," Kim said.
Kim said that a healthy mix of domestic and export volumes will enable the company to not only secure profitability but gain a natural hedge against market fluctuations.
Hyundai Motor India has recently expanded its production capacity by acquiring a new plant in Pune to cater to the growing demand. The addition brings Hyundai’s overall manufacturing capacity in India to 1.1 million units.
"We are developing our EV ecosystem in India. We are planning to launch four EV models, including the CRETA EV. And we are also localizing EV supply chains like the battery pack, driver train and the battery shell," Kim said.