Hyundai Motor India to invest Rs 20,000 crore in Tamil Nadu for developing electric vehicles
The company has also announced plans to further expand total production volumes to 850,000 units per year and introduce new electric and ICE vehicles from its Sriperumbudur factory.
Hyundai Motor India (HMI) has revealed its extensive long-term investment strategy in the state of Tamil Nadu. The Chennai-based Korean car maker aims to expand its presence in electric vehicles and enhance vehicle platforms by allocating Rs 20,000 crore over a phased 10-year period from 2023 to 2032.
The Memorandum of Understanding (MoU) was officially executed in the presence of Unsoo Kim, Managing Director and CEO of Hyundai Motor India; V Vishnu, I.A.S., Managing Director and CEO of Guidance Tamil Nadu; M K Stalin, the Chief Minister of Tamil Nadu; Thangam Thennarasu, Minister for Finance; T. R. B. Rajaa, Minister for Industries, Investment Promotion and Commerce; Krishnan S, I.A.S., Additional Chief Secretary of Industries, Investment Promotion and Commerce, Government of Tamil Nadu, and other senior officials.
In 2021, Hyundai had unveiled its strategy to invest Rs 4,000 crore towards the introduction of six new battery electric vehicles (BEVs) in the Indian market by 2028. These BEVs will encompass various segments and body styles including SUVs.
By introducing these new EVs, Hyundai intends to offer a diverse range of electric vehicles to Indian consumers, catering to different segments and preferences.
Unsoo Kim, MD and CEO, Hyundai Motor India, speaking on the MoU stated that Hyundai has been one of the largest manufacturers and consistent investors in Tamil Nadu.This strategic partnership is a testimony to Hyundai’s commitment to boosting the socio-economic development in the state and making the country self-reliant.
He also added that as part of their long-term vision, HMI had finalised plans to develop and establish Tamil Nadu as a base for the company's EV Manufacturing in India.
In alignment with this objective, HMI will establish a cutting-edge battery pack assembly unit with an annual capacity of 178,000 units. The company will also install 100 EV Charging Stations at key locations along major highways over a span of 5 years. This includes 5 Dual Ultra-Fast Charging Stations (DC 150 KW + DC 60 KW), 10 Single Fast Charging Stations (DC 150 KW), and 85 Single Fast Charging Stations (DC 60 KW).
Furthermore, the Korean carmaker has announced plans to expand total production volumes to 850,000 units per year, and introduce new electric and ICE vehicles from its Sriperumbudur factory. As part of the Hyundai Motor Group's long-term strategic vision to promote clean energy, Hyundai will continue exploring future sustainable technologies in the future.
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