Hyundai Motor India, the South Korean carmaker has invested close to USD 500 million or Rs 3,589 crore during FY20.

The amount is part of Rs 7,000 crore investment committed by the company to the Tamil Nadu government in 2019.

The maker of Creta and Venue outperformed the overall Indian market led by its SUVs. Hyundai Motor India closed FY20 with a market share of 17.5 per cent.

Hyundai Motor India’s plants operated beyond 90-95 percent. The total production of the company for the year was at 6.47 lakh units as against 7.1 lakh units in 2019 with a decrease of 8.96 percent.

It successfully managed the transition from BS IV to BS VI vehicle technology and by February 2020 it started selling BS VI cars. This ensured that neither the company nor its dealers suffered with unsold BS IV stocks.

The company took steps to increase the capacity to 7.5 lakh units per annum  by way of automating certain processes, removing bottlenecks in the production process and introduction of new models in FY20; eventually this will increase to eight lakh units per annum.

Through a series of cost-cutting measures, the carmaker was able to save Rs 90 crore in costs in FY20.