Tarun Garg, chief operating officer of Hyundai Motor India gives a speech during the India-Korea Business Partnership Forum 2024 held at Yashobhoomi in New Delhi, Friday. (Park Hae-mook/ The Korea Herald)

NEW DELHI, India -- Following a historic $3.3 billion initial public offering debut on the Indian stock market in October, Hyundai Motor will continue to bet big on the country as a foothold for its global expansion.

“India is the fastest growing auto market in the world,” Tarun Garg, chief operating officer of Hyundai Motor India said, calling the Indian automobile sector a "sunshine industry,” during the India-Korea Business Partnership Forum 2024 held at Yashobhoomi in New Delhi, Friday.

“The automobile industry contributes 7.1 percent to the Indian gross domestic products with more than 90 million employments and exporting vehicles to more than 100 countries, with annual sales of 24.8 million units,” he said.

Hyundai Motor's journey in India goes back two decades.

“With a bold vision to transform mobility in India, we laid the foundation stone for our first manufacturing plant in the southern state of Tamil Nadu in 1996 and launched the Hyundai Santro in 1998 which became an instant revolution,” Garg said.

“By 2004 we had established ourselves as the largest car exporter from India, a title we are proud to uphold to this day on a cumulative basis of export of passenger vehicles from India.”

Hyundai operates two plants in Chennai. In 2023, it acquired an additional auto plant in Talegaon from GM and invested 4 trillion won ($2.86 billion) to upgrade it into a manufacturing production hub. Operations are planned to commence in 2025.

“Our manufacturing capacity is set to grow to almost a million units next year and 1.1 million by 2028, fueled by our upcoming plant,” Garg said.

The motor giant also focuses on Indian consumers’ growing purchasing power for passenger cars. According to Garg, passenger car sales may account for a modest 17 percent of the Indian market by volume, but in terms of value, the portion surges to almost 60 percent.

“With a diverse portfolio of 13 models, including eight sport utility vehicles, we cater to the aspirations of modern India,” he said. “Our vehicles celebrate India's diversity with infotainment in 10 regional languages.”

Backed by the growth, on Oct. 22, Hyundai Motor India made history with the largest-ever IPO in the country. Hyundai plans to use the pooled funds to ramp up production and accelerate its push into the electric vehicle market.

“Hyundai Motor India is poised to lead the transformation in the automotive industry with forward-looking initiatives, investing big in India,” Garg said, highlighting the company’s plan to invest $32 billion in the country by 2032.

"At Hyundai, we do not build just cars, but we build livelihoods, nurture talent and align our vision with India's aspirations.”