South Korean auto major Hyundai Motor India (HMIL) has announced its long-term investment plans in the state of Tamil Nadu. The company will make further inroads into electric vehicles and modernisation of vehicle platform by investing Rs 20,000 crore in a phased manner over the period of 10 years (2023 to 2032).
An MoU was signed between Unsoo Kim, MD & CEO, Hyundai Motor India and V Vishnu, IAS, MD & CEO, Guidance Tamil Nadu in the presence of M K Stalin, Chief Minister of Tamil Nadu; Thangam Thennarasu, Minister for Finance; T R B Rajaa, Minister for Industries, Investment Promotion and Commerce; Krishnan S, IAS, Additional Chief Secretary, Industries, Investment Promotion and Commerce, Government of Tamil Nadu and other senior officials.
Unsoo Kim said “As part of our long-term vision, we have finalised plans to develop and establish Tamil Nadu as a base for Hyundai’s electric vehicle 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 Korean auto maker aims to be a strategic partner to Tamil Nadu’s government’s vision of building a sustainable ecosystem for the state’s transition towards electric mobility. The OEM will set up a battery pack assembly unit with annual capacity to assemble 1,78,000 batteries; install 100 EV Charging Stations at key locations in major highways over a period of 5 years. This include 5 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).
Hyundai Motor India will further increase the total production volumes to 8,50,000 units per annum and introduce new electric and ICE vehicles from its factory in Sriperumbudur.
