KEY HIGHLIGHTS
- Hyundai India gets land, buildings, and some machines from GM's Talegaon plant
- Sold 552,511 cars last year, capturing 14.5% market share and ranking second
- Goal is to reach 1 million Production per year
Hyundai Motor India Limited (HMIL), known for its innovative transportation solutions, has taken a significant step. They've entered into an agreement to buy specific assets connected to General Motors India (GMI)'s Talegaon Plant in Maharashtra. Keep reading to find out more about this exciting development. Meanwhile, you can join our 91Wheels Whatsapp Group for all of such latest updates from the automotive industry.
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Hyundai India to Acquire GM India's Talegaon Plant
Unsoo Kim, the Managing Director and CEO of Hyundai Motor India Ltd., and Asifhusen Khatri, the Vice President of Manufacturing at General Motors India and General Motors International Operations, were part of a signing ceremony in Gurugram, Haryana.
The agreement covers getting land, buildings, and certain machines from GMI's Talegaon plant. But, the whole deal depends on certain things happening and getting the necessary approvals from the government and other important people.
Last year, Hyundai sold 552,511 cars in India, getting 14.5% of the market and coming second among car brands. This year, until last month, they sold 346,711 cars, still second with a 14.6% share. They want to make more cars to match the growing demand after COVID-19.
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Right now, GMI's Talegaon plant can make 130,000 cars a year. After the deal, HMIL wants to make even more cars, aiming for about 1 million each year. HMIL has already made more cars this year, going from 750,000 to 820,000. This deal will help them get even bigger.
With its increased capability, HMIL plans to introduce more electric vehicle models in India. These cars will be made at the Sriperumbudur plant, helping India's move towards electric vehicles.
HMIL is also investing in Maharashtra, in line with Hyundai Motor's global vision of progress. They're upgrading the Talegaon Plant in phases to meet Hyundai's global standards. This will lead to the production of high-quality cars that showcase great manufacturing.
Verdict
Hyundai Motor India Limited buying assets from General Motors' Talegaon Plant is a big step to grow its presence in India's car industry. They're making more cars and helping India switch to electric vehicles. This also helps the local economy and industry grow.
