Hyundai's Localisation Leap: Pioneering Electric Mobility in India

Hyundai Motor India Ltd has reached a 92% localisation milestone, manufacturing over 1,200 components, including electric vehicle battery packs locally. The move aligns with India's Make-in-India initiative, yielding notable forex savings and jobs. The CRETA Electric will feature Chennai-built battery packs.

Hyundai Motor India Ltd (HMIL) announced a significant step forward in its manufacturing strategy, achieving a 92% localisation rate. This milestone includes the local production of over 1,200 key components and electric vehicle battery packs.

The Chennai-based plant now assembles battery packs, with the CRETA Electric becoming the first model to integrate locally made units. This localization effort has saved the company USD 672 million in foreign exchange while creating more than 1,400 jobs.

These efforts are in alignment with the Indian government's 'Atmanirbhar Bharat' and 'Make-in-India' initiatives, leveraging India's skilled workforce and technological capabilities to develop advanced technologies within the country.

(With inputs from agencies.)