Hyundai Motor, Kia’s car production in India reaches record 1.08 mln units in 2023

Hyundai Motor Group's output at its car manufacturing plants in India has reached a record 1.08 million units last year, surpassing the 1 million unit milestone for the second year in a row, industry data showed Thursday. According to data from the Korea Automobile Manufacturers Association, Hyundai produced 765,000 units and Kia produced 319,878 units in India last year, bringing the combined total production to 1,084,878 units. It marked the highest annual production volume ever recorded by the two companies in the South Asian country. The combined production of the two companies in India exceeded 1 million units for the first time in 2022. Hyundai Motor has long established India as one of its largest global production bases. The company established its first Indian manufacturing plant in 1998 and a second one in 2008. Currently, Hyundai Motor produces around 10 models with a focus on compact SUVs, such as the Creta and Venue models. Hyundai Motor plans to begin operating a third plant previously acqui red by General Motors next year. Kia has also operated its own separate manufacturing plant in India since 2019. Hyundai Motor and Kia collectively sold 860,000 cars in India last year. For 2024, Hyundai Motor aims to sell 613,000 units and Kia aims for 280,000 units, targeting combined sales of 893,000 units, up 3.8 percent from the previous year. Over the past year, Hyundai Motor Group has announced new investment plans in India totaling approximately 5 trillion won (US$3.75 billion), reflecting the group's intent to better target one of the fastest growing major automotive markets in the world. Source: Yonhap News Agency