Hyundai announces Rs 20,000 crore investment in Tamil Nadu for EV ecosystem development!
May 11th, 2023
Listen to this News
Hyundai Motor India Limited (HMIL) has announced new long term investment plans in the state of Tamil Nadu for the development of its electric vehicle (EV) ecosystem. A statement released by the company said that it will make further inroads into electric vehicles and modernization of vehicle platform by investing Rs 20,000 crore in a phased manner over the period of 10 years (2023 to 2032).
A Memorandum of Understanding (MoU) was signed between Unsoo Kim, MD & CEO, Hyundai Motor India Limited and V Vishnu, I.A.S., MD & CEO, Guidance Tamil Nadu in the presence of M K Stalin, Hon’ble 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, Industries, Investment Promotion and Commerce, Government of Tamil Nadu and other senior officials.
As a part of the plan, Hyundai will set up a state-of-the-art battery pack assembly unit with an annual capacity to assemble 1,78,000 units of batteries. Furthermore, the company plans to install 100 EV charging stations at key locations in major highways, over a period of five years. 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).
The company has also revealed its plan to further increase the total production volumes to 8,50,000 units per year and introduce new electric & ICE vehicles from its factory in Sriperumbudur. Hyundai is currently in the works of introducing the Exter micro SUV in the country soon, bookings for which are open. As of now, the carmaker's portfolio in India consists of two EVs, namely IONIQ 5 and Kona Electric.
Source: timesofindia.indiatimes.com
Back to All: Latest News Navnit group