Hyundai Motor India announced on January 30 that it would invest more than US$1 billion in the local market to develop new cars, develop next-generation power trains, build new buildings, and so on. Hyundai Motor India was established in 1996 and the branch has invested a total of US$3 billion in the Indian car market so far.
Hyundai Motor Company is planning to release nine new models in India until the end of 2020. The nine are divided into four new-generation, two facelifted, two completely new and the Ioniq Electric.
Hyundai Motor India is going to re-release the Santro in four years as well. This car is the first one Hyundai released in the Indian market and more than 1.32 million units were sold from 1998 to 2014. “We are planning to release a vehicle code-named AH2 in the second half of this year, and it has yet to be determined whether the car will be named Santro,” Hyundai Motor India explained.
The Indian car market is growing rapidly these days. Last year, a total of 4.01 million cars were sold in the market and it became the fourth-largest in the world, beating the German by a margin of 160,000 units or so.
Under the circumstances, Hyundai Motor Group is increasing its investment in India. At present, the company is running two manufacturing plants in Chennai and their combined annual production capacity is 650,000 units. Last year, Hyundai sold 527,320 cars, up 5.4% from a year ago, in India to set a new record.