Earlier today Hyundai Motor Group’s chairman Mong-Koo Chung met with India’s prime minister Narendra Modi for an exchange of ideas
19 May 2015 | 8736 Views | By Autocar Professional Bureau
Earlier today Hyundai Motor Group’s chairman Mong-Koo Chung met with India’s prime minister Narendra Modi for an exchange of ideas on Korea-India’s automotive industry’s cooperation and mutual development.
The Indian automobile industry’s annual sales are projected to be 2.74 million units this year, a 7.8% increase from last year.
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Earlier today Hyundai Motor Group’s chairman Mong-Koo Chung met with India’s prime minister Narendra Modi for an exchange of ideas on Korea-India’s automotive industry’s cooperation and mutual development.
The Indian automobile industry’s annual sales are projected to be 2.74 million units this year, a 7.8% increase from last year.
According to Mong-Koo Chung, “Hyundai Motor’s Chennai plant is a symbol of Korea-India economic cooperation and I thank the Indian government for its support in Hyundai Motor’s growth in the Indian market. I hope in the future, Hyundai Motor Group will be able to continue its cooperation with India in other areas such as construction and railway to play a more meaningful role in Korea-India’s mutual economic development.”
In his comment, prime minister Narendra Modi said: “Hyundai Motor plays a key role in India’s auto industry. India will actively seek possible ways to continue its cooperation with Hyundai Motor. I hope Hyundai Motor will become a leading global company through its success in India.”
Hyundai Motor India is the second largest car manufacturer in the country after Maruti and and the No. 1 exporter. In 2014-15, it sold a total of 420,668 cars in the domestic market and shipped 191,221 cars overseas. Its two plants at Sriperumbudur, near Chennai, can currently produce up to 680,000 units operating on three shifts and are currently running at full capacity.
Hyundai could be looking at a third plant in India
With capacity constrained, it is believed that the company could be looking to set up a new plant and for which a number of states and automotive hubs including Tamil Nadu are vying for. Automotive News has reported that a Hyundai spokesman said that chairman Mong-Koo Chung told reporters that a new plant in India is under review.
In the auto component business, Hyundai Motor says it is helping its business partners expand into the Indian market. Currently, 71 component suppliers including 42 Tier 1 suppliers have expanded into the Indian market along with Hyundai Motor.