Hyundai Motor Group’s output at its Indian automakers hit a record 1.08 million units last year, surpassing the milestone of 1 million units for the second consecutive year, industry data showed on Thursday.
According to data from the Korea Association of Automobile Manufacturers, Hyundai produced 765,000 units and Kia produced 319,878 units in India last year, bringing total production to 1,084,878 units.
It marked the highest annual production rate ever recorded by the two companies in the South Asian country. The combined production of the two companies in India crossed 1 million units for the first time in 2022.
Hyundai Motor has long established India as one of its major global production bases. The company established its first Indian manufacturing plant in 1998 and the second in 2008.
Currently, Hyundai Motor produces around 10 models focusing on compact SUVs, such as the Creta and Hall models. Hyundai Motor plans to start operating the third plant previously purchased by General Motors next year.
Kia has also operated its own separate manufacturing plant in India since 2019.
Hyundai Motor and Kia together sold 860,000 vehicles in India last year.
For 2024, Hyundai Motor aims to sell 613,000 units and Kia aims for 280,000 units, aiming for total sales of 893,000 units, up 3.8 percent from last year.
In the past year, Hyundai Motor Group has announced new investment plans in India totaling 5 trillion won ($3.75 billion), demonstrating the group’s commitment to better target one of the world’s fastest growing automotive markets. (Yonhap)