The Hyundai logo is seen during the Munich auto show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. Photo by Reuters/Wolfgang Rattay
South Korea’s Hyundai Motor Co announced on Wednesday that its Indian unit will take over carmaker General Motors’ Talegaon plant in the Indian state of Maharashtra.
Through its Sriperumbudur plant outside the city of Chennai and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units a year, he said. The company sold 552,511 vehicles in India last year.
Hyundai, India’s second-largest automaker by sales, did not mention a transaction value.
The deal will allow the US automaker to exit India. GM stopped selling cars in the country in 2017 after years of declining sales, but its full exit from the market was marred by complications, including legal wrangles with workers and the inability to find a buyer for the car. factory.
In 2019 GM agreed to sell the plant to Great Wall Motor in China, but talks broke down last year after the companies failed to secure regulatory approvals under heightened investment scrutiny. from Beijing via New Delhi.
