Hyundai Motor India Ltd. and the Government of Andhra Pradesh signed a memorandum of understanding (MoU) to explore opportunities for new investment in the state. The MoU was signed at the Global Investors Meet in Amaravati on Tuesday. The joint venture will invest Rs. 63,000 crores ($8 billion) in the state through the JV.
As an important milestone of Hyundai
This investment is an important milestone and, more importantly, will create more jobs and infuse new technologies into the state. The aim of this joint venture is to provide affordable mobility to Indians by introducing world-class Hyundai vehicles under the Hyundai brand at affordable prices. The joint venture will have a huge impact on the state’s development by introducing cutting-edge technology for mass mobility, creating jobs and opportunities for vendors and ancillary units. This JV is expected to create more than 20,000 direct jobs in Andhra Pradesh.
What is MoU?
The MoU also includes details of the setting up of a service network spread across 30.000 dealerships in all major cities and towns through the facilities management services, along with training institutes and dealer workshops. The joint venture will additionally set up a manufacturing plant at Anantpur in Andhra Pradesh, which is likely to be operational by 2024. The initial investment plan includes vehicle production of 5 lakh units per annum with full localization at the Anantpur facility.
Under this MoU, Hyundai Motor India and its alliance partner Kia Motors will explore opportunities for setting up a manufacturing plant, dealerships, R&D and design centers in Andhra Pradesh to enhance its footprint further in India’s growing market.
Hyundai enjoys a long-term partnership with the Government of Andhra Pradesh and is committed to the sustainable development of all regions, said YK Koo, President & CEO, Hyundai Motor India Limited.
Citations from the authorities…
Hyundai Motor India is committed to the government’s ‘Make in India’ initiative and will continue to explore new opportunities for expansion, “he added.
Speaking on the occasion, Chief Minister N Chandrababu Naidu said, “Hyundai’s decision to expand is a vote of confidence in our commitment and vision. We are delighted that Hyundai has decided to continue its journey in Andhra Pradesh and extend its long-standing partnership with our government. We look forward to welcoming Hyundai to Amaravati as an important partner.
The Hyundai Creta’s five upcoming competitors are listed below:
Next-Gen Renault Duster: The Renault Duster was renowned as a potent and dynamically arranged SUV that not only gave a great competition to the rivals but also wowed the customers with its incredibly remarkable ride quality. The new-generation Duster, which will go on sale in a few months, is now being worked on by the brand. However, more information is still being withheld.
- Tata Curvv: The Indian automaker has unveiled the Curvv, which will go on sale in 2024. The Curvv will compete against other SUVs like the Hyundai Creta, Kia Seltos, VW Taigun, and more by being available with both ICE and electric powertrain options. The new Tata Curvv will also feature an elegant and straightforward dashboard design inside.
- Citroen C3 Aircross: Citroen recently introduced the new C3 in India, and the company is reportedly working on a brand-new electric car for that market that will be unveiled later today. According to reports, the French automaker is also hard at work on a brand-new midsize SUV to compete with rivals like the Hyundai Creta, which is scheduled to go on sale in 2024. This new SUV will have powerful engine options and be built on the new CMP/eCMP chassis.
- Jeep Jeepster: Currently in development, the Jeepster will be the company’s smallest SUV to date. This new SUV, which would be the cheapest Jeep SUV in India, is anticipated to launch after mid-2023. However, more information is still unknown.
- New Honda SUV: As part of its ongoing portfolio review in India, Honda will introduce a variety of new models, including a new midsize SUV to compete with the Hyundai Creta. Only after the third quarter of 2024 is when this new midsize Honda SUV is anticipated to enter production. It will share the Honda City’s powertrain options.
