Hyundai completes acquisition of General Motors' Talegaon plant

Hyundai Motor India today revealed that it has actually finished the acquisition of recognized properties and task of land and structures at General Motors India’s Talegaon plant in Maharashtra. The Indian arm southern Korean car giant is anticipated to begin production at the center in 2025.

The acquisition has actually been finished after the fulfilment of particular conditions and invoice of regulative approvals from appropriate federal government authorities and appropriate stakeholders, Hyundai stated in a main declaration.

A Memorandum of Understanding (MoU) was likewise signed in between Hyundai and the Maharashtra federal government in Davos on January 18 under which the carmaker devoted a financial investment of Rs 6,000 crore in the state.

The Talegaon plant has a current yearly production capability of 130,000 systems. It would play an essential function in Hyundai’s objective to reach 1,000,000 systems in yearly production capability by 2025. The carmaker’s Chennai plant has a yearly production capability of 820,000 systems.

Developed in 2008, the Talegaon plant can likewise produce 160,000 engines every year. While General Motors stopped offering automobiles in India in 2017, the production of export designs at the Talegaon plant continued till late-2020.

The Talegaon plant likewise boasts centers like a logistics circulation centre, training centre, job management structure, administrative office complex and public centers centre.

Hyundai stated that it will make phased financial investments to update the existing facilities and production devices at the Talegaon plant. “These financial investments are targeted at bringing the plant as much as Hyundai worldwide operating and production requirements, making sure the production of vehicles that exhibit producing quality,” the Creta-maker observed.

“India is an extremely essential market for Hyundai Motor Company, and we are devoted to offer benchmark-creating items and innovations to Indian consumers. As we eagerly anticipate the next years of development for Hyundai Motor India, it is vital for us to enhance our production capability in India,” stated Unsoo Kim, MD and CEO, Hyundai Motor India.

“The Talegaon factory will play the function of a driver in attaining Hyundai Motor India’s 1,000,000 yearly production capability turning point. The acquisition of Talegaon plant enhances our dedication to Atmanirbhar Bharat, by making India a center for innovative clever movement services, Make-In-India for the world. Our production operations are arranged to start in Talegaon, Maharashtra, in the year 2025,” he included.

Hyundai attained its highest-ever domestic volume throughout a fiscal year in 2023, passing by the previous finest taped in 2022, on the back of a strong program by SUV designs, especially the Creta, Venue and Exter.

The business offered 602,111 systems in the domestic market in 2023, signing up a development of 9% year-on-year (y-o-y). This was the very first time Hyundai’s domestic volume crossed 600,000 systems in a year given that its entry into India.

Hyundai’s previous finest efficiency in the domestic market can be found in 2022 at 552,511 systems. Before that, it remained in 2018 at 550,002 systems.

The carmaker’s exports increased 10% y-o-y at 163,675 systems in 2023 from 148,300 systems in 2022.

On January 16, Hyundai released the Creta facelift in the cost series of Rs 11 lakh to Rs 20 lakh (ex-showroom). The costs are initial and appropriate for a minimal duration.