The investment will be made in a gradual manner to advance the development of electric vehicles and modernise vehicle platforms
Hyundai Eyes Tamil Nadu As A Foundation For Its EV Manufacturing In India
In the next ten years, Hyundai Motor India plans to invest Rs 20,000 crore in Tamil Nadu in a gradual manner to advance the development of electric vehicles and modernise vehicle platforms.
Phased investments by the manufacturer will begin in 2023 and last until 2032.
“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 boost the socio-economic development in the state and make the country self-reliant,” Hyundai Motor India MD and CEO Unsoo Kim said in a statement.
The business has decided to build and establish Tamil Nadu as a foundation for Hyundai's EV manufacturing in India as part of our long-term ambition, he continued.
“This will help us to strengthen our portfolio and provide best-in-class features and technologies in our vehicles which will exceed our customer aspirations,” Kim stated.
The business announced that it would establish a battery pack assembly facility with a 1,78,000 battery unit yearly capacity.
“Further, to give more peace of mind to our customers, the automaker will install 100 EV charging stations at key locations in major highways, over a period of five years,” it added.
Hyundai also made plans to expand total production volumes to 8.5 lakh units annually and launch new internal combustion engine and electric vehicles at its factory in Tamil Nadu's Sriperumbudur.
In the upcoming years, Hyundai Motor Group will continue to research cutting-edge sustainable technologies as part of its long-term strategic ambition to support clean energy.