Since 2019, Hyundai Motor India Ltd (HMIL) has saved around ₹5,700 crore in foreign exchange by manufacturing or sourcing over 1,200 components locally, including battery packs for electric vehicles (EVs).
Hyundai has aligned with the government’s Aatmanirbhar Bharat initiative, achieving 92% localisation in India. Gopalakrishnan Chathapuram Sivaramakrishnan, HMIL’s whole-time director and chief manufacturing officer, highlighted these efforts at the Bharat Mobility Global Expo 2025 in Delhi.
HMIL is enhancing its local supplier network through an indigenisation strategy for its upcoming manufacturing plant in Talegaon, Maharashtra, set to begin operations by Q4 2025.
HMIL’s Chennai facility, in collaboration with Mobis India, has begun local assembly of EV battery packs. With an initial capacity of 75,000 battery packs annually, this plant supports various battery types like NMC and LFP. It ensures cost optimisation and a steady supply of batteries for Hyundai’s Indian-made EVs, including the Hyundai CRETA Electric, the company’s first India-made EV with locally assembled batteries.
Hyundai has localised key components such as alternators, alloy wheels, disc brakes, and catalytic converters. Advanced parts, like tire pressure monitoring systems, panoramic sunroofs, and reverse parking assist sensors, have also been successfully manufactured in India for the first time.
These localisation efforts have created direct employment for over 1,400 people, showcasing Hyundai’s commitment to India’s rich resources, skilled workforce, and advanced engineering capabilities.
Hyundai’s localisation initiatives have led to forex savings of $672 million (₹5,678 crore), underlining the company’s dedication to India’s economic and industrial growth.
Hyundai Motor India Limited, established in May 1996, is part of the Hyundai Motor Group, the world’s third-largest carmaker by passenger vehicle sales.
Hyundai Motor India share price is trading at ₹1,704.95, down by ₹40.60 (2.33%) as of 10:39 AM IST on January 22. The stock opened at ₹1,759.00, reached a high of ₹1,759.00, and a low of ₹1,704.00 during the session. The company’s market capitalisation stands at ₹1.38 lakh crore, with a 52-week high of ₹1,970.00 and a 52-week low of ₹1,688.50.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Jan 22, 2025, 10:55 AM IST
Kusum Kumari
Kusum Kumari is a Content Writer with 4 years of experience in simplifying financial market concepts. Currently crafting insightful content at Angel One, She specialise in breaking down complex topics into easy-to-understand pieces, blending expertise in market fundamentals and technical analysis.
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