Pune:Hyundai Motor Group has announced a significant investment plan for India, allocating 20 percent of its US$15.5 billion budget over the next seven years to new business ventures, including artificial intelligence and startups.
According to Yonhap News Agency, the investment initiative was revealed by Hyundai Motor Group Vice Chairman Jang Jae-hoon during the inauguration of the company's new plant in Pune, western India. The plan outlines that approximately 60 percent of the investment will be used to upgrade existing facilities and expand production capacity.
Hyundai aims to introduce 20 internal combustion engine vehicle variants and six electric and hybrid variants in India by 2030. Hyundai Motor CEO Jose Munoz has expressed the company's goal for eco-friendly vehicles, such as electric, hybrid, and hydrogen fuel-cell models, to make up about 50 percent of its sales by that year.
The new Pune plant marks Hyundai's third production facility in India, boasting a combined annual capacity of nearly 1 million vehicles. Last year, Hyundai Motor and its affiliate Kia Corp. sold a total of 852,164 vehicles in India, achieving an 18.7 percent share of the passenger vehicle market and ranking second only to Maruti Suzuki India Ltd.