Hyundai Motor India (HMI) has announced its large-scale, long-term investment plans in Tamil Nadu, under which it will make further inroads into electric vehicles and modernisation of the vehicle platform by investing INR 20,000 crore in a phased manner over the period of 10 years (2023 to 2032).
This is the second major announcement by HMI, as a couple of months ago, the carmaker signed a term sheet agreement for acquiring the assets of GM's plant in Talegaon, near Pune, to expand its production capacity.
A press release from HMI noted that it 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. In line with this, the company will set up a state-of-the-art battery pack assembly unit with an annual capacity to assemble 1.78 lakh units of batteries.
Further, it will also install 100 EV charging stations at key locations on major highways over a period of five years. This will include five dual ultra-fast charging stations (DC 150 KW +DC 60 KW), ten single fast charging stations (DC 150 KW) and 85 single fast charging stations (DC 60 KW).
HMI has also announced its plan to further increase the total production volumes to 8.50 lakh units per year and introduce new Electric and ICE vehicles from its factory here in Sriperumbudur. Towards this, an MoU was exchanged between Unsoo Kim, MD and CEO, Hyundai Motor India and V Vishnu, MD and CEO, Guidance Tamil Nadu, in the presence of the Chief Minister of Tamil Nadu, M K Stalin, Minister for Finance Thangam Thennarasu, Minister for Industries, Investment Promotion and Commerce TRB Rajaa, Krishnan S, Additional Chief Secretary, Industries, Investment Promotion and Commerce, Government of Tamil Nadu and other senior officials.
Kim noted that the strategic partnership is a testimony to Hyundai’s commitment to boosting the socio-economic development in the State and making the country self-reliant.
As part of the long-term vision, HMI have finalised plans to develop and establish Tamil Nadu as a base for Hyundai’s EV Manufacturing in India, he said. “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,” Kim concluded.
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