Hyundai Motor India, a South Korean automaker, has announced long-term plans to invest in Tamil Nadu. The company plans to invest Rs 20,000 crore over a period of 10 years (2023-2032) in order to modernise vehicle platforms and make further advances in electric vehicles.
The MoU was signed between Hyundai Motor India Unsoo Kim, MD & CEO, and V Vishnu, IAS, MD & CEO, Guidance of Tamil Nadu. The MoU was signed in the presence of M K Stalin, Chief Minister of Tamil Nadu, T R B Rajaa, Minister for Industries, Investment Promotion and Commerce, Thangam Thennarasu, Minister for Finance, Krishnan S, IAS, Additional Chief Secretary, Industries, Investment Promotion and Commerce, Government of Tamil Nadu with other senior officials.
Unsoo Kim said, “As part of our long-term plan, we have finalised the plans to establish Tamil Nadu in India as a base of Hyundai electric vehicle manufacturing. This will allow us to enhance our product portfolio, and offer the best features and technologies for our customers.”
The Korean automaker aims to become a strategic partner in the vision of Tamil Nadu’s government to build a sustainable ecosystem for the state’s transition to electric mobility. The OEM will build a battery assembly unit that can assemble 1 78,000 batteries annually. It will also install 100 EV charging stations at strategic locations along major highways in a five-year period. The OEM will install 100 EV Charging stations at key locations along major highways over a period of 5 years. This includes 5 Dual Ultra-Fast Chargers (DC150 KW + DC60 KW), 10 single fast charging stations (DC150 KW) as well as 85 single fast charging stations (DC60 KW).
Hyundai Motor India plans to increase its production volume from 8,50,000 vehicles per year and introduce new electric cars and ICEs at its Sriperumbudur factory.
