New Delhi, Oct 15 South Korean auto giant Hyundai Motor Co on Wednesday announced plans to invest Rs 45,000 crore in India by FY30 as part of its long-term growth roadmap.
The company aims to make India its second-largest market globally, according to its official statement.
During his first visit to India, Hyundai Motor Co President and CEO Jose Munoz said the investment will support new product launches, capacity expansion, and research and development (R&D).
“Following our landmark IPO last year and 30 years of success in India, now HMIL plans an investment of Rs 45,000 crore through FY30 to drive the next phase of growth,” Munoz said while addressing Hyundai Motor India Limited’s (HMIL) first-ever investor day.
Munoz said around 60 per cent of the investment will go into product development and R&D, while 40 per cent will be used for capacity expansion and upgradation.
The company has also set a target to increase exports to 30 per cent of total production.
Under its 2030 roadmap, HMIL plans to launch 26 new models by FY30, including seven new nameplates.
The company will enter the MPV and off-road SUV segments and launch its first locally designed, developed, and manufactured electric SUV by 2027.
Hyundai will also bring its luxury brand Genesis to India by 2027, the company informed.
The automaker aims to increase its revenue by 1.5 times and cross the Rs 1 trillion mark by FY2030.
It is also targeting over 15 per cent market share in the domestic market, with a major push in utility vehicles and eco-friendly models such as CNG, EVs, and hybrids.
“
HMIL Managing Director Unsoo Kim said the company will maintain strong double-digit EBITDA margins while creating long-term value for shareholders with a dividend payout between 20 per cent and 40 per cent.
HMIL CEO Designate Tarun Garg said that by FY2030, over 80 per cent of Hyundai’s sales in India will come from SUVs, while more than half of its vehicles will feature eco-friendly powertrains.
“Our sales and service network will cover 85 per cent of India’s districts, with rural markets contributing about 30 per cent of total sales,” Garg added.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor