New Delhi, May 11
Hyundai Motor India to invest
Rs 20,000 cr in Tamil Nadu EV project
Hyundai Motor India has committed an investment of Rs 20 000 crore in Tamil Nadu for developing a sustainable new electric vehicle ecosystem over a long-term period spanning years 2023 to 2032 which includes plans to increase production volumes and introduce new EV models. This development is part of HMI’s accelerated transition towards carbon-neutral manufacturing and envisages setting up battery pack assembly unit and 100 charging stations in Tamil Nadu. The company 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), HMI announced on Thursday.
The MoU exchanged between Guidance Tamil Nadu and HMI in the presence of Chief Minister M K Stalin, is a reaffirmation of HMI’s commitment to the state’s aspirations to become the preferred manufacturing and EV hub in the country. “Hyundai has been one of the largest manufacturers and consistent investors in Tamil Nadu,” said Unsoo Kim, MD and CEO of HMIL, describing the strategic partnership as a testimony to Hyundai’s commitment to boost the socio-economic development in the state and make the country self-reliant. The investment is in sync with HMIL’s long-term vision involves 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,” said Kim.
The plans to build a sustainable ecosystem for the state’s transition towards electric mobility, include a state-of-the-art battery pack assembly unit with annual capacity to assemble 1,78 000 units of batteries. Further, to give more peace of mind to our customers, HMI will 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 company is also looking to further increase the total production volumes to 8,50 000 units/year and introduce new electric and ICE vehicles from its factory 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.
Hyundai Motor India presently operates with a robust network of 1340 sales points and 1502 service points across India. The strong model line-up consists of 12 car models across segments and all-electric SUV IONIQ 5 and the auto major is a key global export hub with exports spanning 85 countries across Africa, the Middle East, Latin America, Australia, and Asia Pacific.
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