Hyundai Motor Group bets $15.5 billion on India as global auto hub

Hyundai Motor Group has announced a substantial $15.5 billion investment in India, aiming to solidify its position as a key player in the world's third-largest car market. The South Korean automaker's seven-year plan outlines plans to invest approximately $700 million in its Indian research and development center, expand production capacity, and establish a dedicated investment entity.

India has become a prime target for global automakers, drawn by its burgeoning demand for vehicles and a burgeoning local manufacturing sector. Last year, Hyundai committed $5 billion to bolster its manufacturing and research operations in the country. Japan's Suzuki Motor, the majority owner of India's largest carmaker by volume, Maruti Suzuki, has also earmarked about $8 billion for investment in the nation.

Other major players such as Toyota and Honda have likewise vowed to bolster their manufacturing ambitions in India. Hyundai Motor, which currently employs over 24,000 individuals in India, expressed confidence in the $15.5 billion investment as a pivotal driver for future growth.