Indian Economy News

Hyundai Motor to invest US$ 2.43 billion (Rs. 20,000 crore) in Tamil Nadu to modernise and expand vehicle platforms in India's EV industry

Korean auto major Hyundai Motor India Limited (HMIL) mentioned that it will invest US$ 2.43 billion in Tamil Nadu over the next ten years to improvise the vehicle platforms and expand its presence in the country’s fast-evolving electric vehicle segment. This investment will be further utilized to expand production capacity for internal combustion engines and electric vehicles, set up a battery pack manufacturing unit and establish charging infrastructure for Electric Vehicles (EVs), among others.

In this context, a Memorandum of Understanding (MoU) was signed by Managing Director (MD) & Chief Executive Officer (CEO) of Guidance Tamil Nadu, Mr. V. Vishnu and Managing Director (MD) & Chief Executive Officer (CEO) of Hyundai Motor India, Mr. Unsoo Kim in the presence of Chief Minister of Tamil Nadu, Mr. Thiru M. K. Stalin.

Hyundai Motor India Limited (HMIL) is in the process of investing US$ 487.22 million (Rs. 4,000 crore) to launch six models by 2028, in one of the largest product onslaughts in the electric vehicle category. The Ioniq 5 was the first of these versions to reach the market this year. The business additionally markets Kona EV in India.

To support Tamil Nadu's government ambition for creating a sustainable ecosystem for the state's transition to electric transportation, Mr. Unsoo Kim stated the company hopes to be a "strategic partner." In line with this, HMIL will set up a state-of-the-art battery pack assembly unit with yearly capacity to assemble 178,000 units. Additionally, over the course of five years, Hyundai will install 100 EV charging stations at strategic locations along major highways. This will include five 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).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.