Hyundai Motor India Ltd., (HMIL), the second largest car manufacturer in the country, will deploy ₹6,500 crore over three years for development of nine new models. Besides, it will also ramp up its production by 50,000 units next year, said a top official.
“We are coming out with nine new models from 2018-2020, for which an investment of ₹6,500 crore is needed for development,” said Y.K. Koo, managing director and chief executive officer, Hyundai Motor India. “This includes two facelifts, two new segment products, four full model changes and an electric vehicle,” he added.
In the last 20 years of its existence, Hyundai Motor had invested around ₹21,000 crore in its two plants at Sriperumbudur near Chennai.
The Korean carmaker plans to roll out new upgraded cars and a new family-oriented car before this year’s Diwali. It will be positioned between Eon and Grand i10.
The company is also planning to roll out an Electric Vehicle by 2019. Currently, it is carrying out a study in three markets to find out whether to roll out EV-Sedan or EV-SUV.
During 2017, the company produced 6.78 lakh units against 6.65 lakh units in the year-ago period. This year, it hopes to produce and sell 7 lakh units, of which 25% of it will be for exports. This would be followed by 7.50 lakh units next year.
According to the company officials, HMIL has an annual installed capacity of 7 lakh units, which would enable them to produce another 50,000 vehicles by augmenting capacity.