Hyundai to invest Rs. 20,000 crore on electric vehicles in Tamil Nadu – EQ Mag
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To install 100 EV charging stations
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Plans to expand total production volume to up to 8,50,000 units
Hyundai Motor India Limited (HMIL) announced an investment of Rs. 20,000 crore over the next 10 years in Tamil Nadu for its electric vehicles program and modernisation of its vehicle platform.
In alignment with this objective, the brand will set up a state-of-the-art battery pack assembly unit with an annual capacity to assemble up to 1,78,000 units of battery. Moreover, it will also install 100 EV charging stations at key locations along major highways over the span of the next five years. The charging station includes five dual ultra-fast charging stations (DC 150kW + DC 60kW), 10 single fast charging stations (DC 150kW), and 85 single fast charging stations (DC 60kW).
Furthermore, it also plans to expand its total production volume to up to 8,50,000 units annually and introduce new electric and ICE vehicles from its Sriperumbudur factory.
The Memorandum of Understanding (MoU) was officially executed in the presence of Unsoo Kim, Managing Director and CEO of Hyundai Motor India; V Vishnu, I.A.S., Managing Director and CEO of Guidance Tamil Nadu; M K Stalin, the 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 of Industries, Investment Promotion and Commerce, Government of Tamil Nadu, and other senior officials.
Speaking on the announcement, Unsoo Kim, MD & CEO, Hyundai Motor India Ltd., said, “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. 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.”
Source: PTI
