Hyundai commits Rs 20,000 cr investment in Tamil Nadu for EV ecosystem
May 11, 2023
Chennai (Tamil Nadu) [India], May 11 : Hyundai Motor India on Thursday announced its long-term investment plans in Tamil Nadu. The company said it would make further inroads into electric vehicles by investing Rs 20,000 crore in a phased manner -- over the period of 10 years.
An MoU was exchanged between Unsoo Kim, MD and CEO, of Hyundai Motor India and V Vishnu, MD & CEO, of Guidance Tamil Nadu in the presence of M K Stalin, Chief Minister of Tamil Nadu, among others.
Hyundai will set up a state-of-the-art battery pack assembly unit with an annual capacity to assemble 178,000 units of batteries. It will install 100 EV Charging Stations at various key locations in major highways, over a period of five years.
Hyundai Motor India has also announced its plan to further increase the total production volumes to 850,000 units per year and introduce new Electric and internal combustion-based vehicles from its factory here in the state's Sriperumbudur.
"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," said Unsoo Kim, MD and CEO, of Hyundai Motor India.
"As part of our long-term vision, we have finalized plans to develop and establish Tamil Nadu as a base for Hyundai's EV Manufacturing in India. 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," the MD and CEO said.
Hyundai Motor India Ltd. (HMIL)is a wholly-owned subsidiary of Hyundai Motor Company (HMC).
Hyundai Motor India presently operates with a network of 1,340 sales points and 1,502 service points across India.
Its model line-up consists of 12 car models across segments, Grand i10 NIOS, i20, i20 N-Line, AURA, VENUE, VENUE N-Line, VERNA, CRETA, ALCAZAR, TUCSON, KONA Electric and all-electric SUV IONIQ 5.
