South Korean carmaker Hyundai plans 'strategic' investment of $15.5 billion in India by 2032

MUMBAI, MAHARASHTRA, INDIA - 2024/10/21: Hyundai logo is seen on the Hyundai car showroom in Mumbai. Hyundai Initial Public Offer (IPO) will be listed on the stock exchange on 22nd October 2024. (Photo by Ashish Vaishnav/SOPA Images/LightRocket via Getty Images)Sopa Images | Lightrocket | Getty ImagesSouth Korea's Hyundai Motor Group on Tuesday said it plans to invest $15.5 billion from 2026 through 2032 in India, a market it considers core to the company's emerging-market growth and expansion."India remains one of Hyundai Motor Group's most important and strategic markets globally," Euisun Chung, the executive chair of Hyundai Motor Group, said in a release following his meeting with Indian Prime Minister Narendra Modi.He added that this investment "reaffirms" the company's commitment to the Indian market for the next 30 years and beyond. Over the seven-year plan, Hyundai said it will invest across manufacturing expansion and in developing research and development infrastructure, local supplier cultivation for parts localization, and future technology innovation.To execute these investments, Hyundai will set up a dedicated investment entity in India, it said in the release.The Ind...