Hyundai Motor Group chairman Chung Mong-koo has told the media that the firm is considering building a third car plant in India.
Chairman Chung made the announcement to reporters after attending a meeting with India’s prime minister, Narendra Modi.
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Hyundai’s two plants in Chennai are “a symbol of economic cooperation between South Korea and India”, Chung stated, according to a report by the Korea Herald.
“Hyundai Motor Group’s two factories in India plan to produce 640,000 vehicles this year, up 4 percent from a year earlier,” the chairman added. Of this total, 470,000 units would be sold lcoally, with the remainder to be exported to some 110 countries, Chung said.
“In the future, Hyundai Motor Group will expand cooperation in areas not only in the auto sector but also in the country’s key industries such as construction and railway vehicles, and hope to play a more active role in the two countries’ economic development.”
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No timeframe for a decision on the third vehicle plant was given.
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