Hyundai Motor India has announced to invest ₹20,000 crore in a phased manner over the period of 10 years in Tamil Nadu. The investment is aimed to make further inroads into electric vehicles and modernization of the company’s vehicle platform.
Under the partnership, Hyundai Motor India (HMI) will set up a state-of-the-art battery pack assembly unit with annual capacity to assemble 1,78,000 units of batteries. The company will also install 100 EV Charging Stations at key locations in major highways, over a period of 5 years. This will 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).
The auto manufacturer has exchanged a memorandum of understanding (MoU) with the Tamil nadu government. With the partnership, Hyundai Motors aims to be a strategic partner to Tamil Nadu’s government vision in building a sustainable ecosystem for the state’s transition towards electric mobility.
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.”
HMI has also announced its plan to further increase the total production volumes to 8 50 000 units / year and introduce new Electric & ICE vehicles from its factory here in Sriperumbudur. As a part of Hyundai Motor Group’s long-term strategic vision to promote clean energy, Hyundai will continue to explore future sustainable technologies in the coming years.
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Published: 11 May 2023, 05:04 PM IST