Hyundai Motor India recently executed an asset purchase agreement (APA) for the acquisition and allocation of specified assets within General Motor India's facility situated in Talegaon, Maharashtra.

The APA encompasses the transfer of land, structures, and specific machinery and manufacturing equipment from General Motor's Talegaon plant.

The core objective of this agreement is to expand the annual production capacity of the Talegaon plant, which presently stands at 1,30,000 units.

Hyundai Motor India's strategic move aligns with its plans to elevate its overall production capacity to approximately 1 million units annually, supported by its previous capacity enhancement from 7,50,000 to 8.20,000 units earlier this year.

Scheduled to commence operations by 2025, the Talegaon plant will play a pivotal role in Hyundai Motor India's commitment to fostering a self-reliant manufacturing ecosystem in India.

This initiative also includes phased investments in modernising existing infrastructure and manufacturing assets at the plant.

Furthermore, Hyundai Motor India will evaluate its strategy for introducing additional electric vehicle (EV) models to the Indian market.

Hyundai Motor currently holds the second-largest market share, having sold 5,52,511 vehicles in the past year, accounting for a 14.5 per cent market share. The company's steadfast growth trajectory persists, with the sale of 3,46,711 vehicles this year until the previous month, maintaining a commendable 14.6 per cent share in the Indian market.