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In a significant boost for Maharashtra's economic landscape, Hyundai Motor India (HMI) is set to invest Rs 7,000 crore into a new manufacturing plant in Talegaon, Pune. This move marks Hyundai's first venture outside Tamil Nadu, showing a shift in their business strategy, especially after Mitsubishi's recent investment.
Deputy Chief Minister Devendra Fadnavis, expressing enthusiasm about the development, met with Kim Unsoo, MD and CEO of Hyundai Motor India. During the meeting, Kim Unsoo disclosed the company's ambitious investment plan. The government assured full support for the seamless implementation of this venture.
Mercedes-Benz is also preparing to double its installed capacity at its Pune production, showing the German giant's commitment to keeping its position in India's luxury car market. Santosh Iyer, MD & CEO of Mercedes-Benz in India, mentioned that the company is actively identifying expansion needs to address the growing demands. He indicated that the Pune factory, already a stronghold for Mercedes, is the likely site for any capacity increase.
As the Indian luxury car market hit record highs in 2023, Mercedes plans to launch over a dozen new cars in 2024, including three electric vehicles. With an investment of over Rs 200 crore in manufacturing operations and digitisation, the company remains optimistic about the continued strength of demand in the luxury market.
The dual announcements underscore Maharashtra's emergence as a thriving hub for the automotive industry, with Talegaon and Pune becoming focal points for major investments.
Pune's automotive scene is more than just big companies and new players; it's all about innovation and looking ahead. Mahindra & Mahindra, a major player, recently invested Rs 10,000 crore in a new electric vehicle (EV) manufacturing plant in Pune. This smart move taps into the rising demand for EVs in India, positioning Pune at the forefront of the country's electric mobility shift.
Pune also boasts a strong supply chain, with over 1,500 auto component manufacturers setting up shop. This solid support system makes Pune attractive not only to car manufacturers but also to related businesses, creating a thriving automotive hub. With government backing, a steady supply of skilled workforce, and a focus on cutting-edge tech, Pune is set for impressive growth in its automotive sector and will play a key role in shaping India's future mobility.
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