Hyundai To Invest Rs. 20,000 Crore In TN Over A Period Of 10 Years For EV Push

Hyundai Motors will invest Rs. 20,000 Crore in Tamil Nadu over the next 10 years across multiple phases to boost EV production and modernized capacity expansion.

The South Korean automotive manufacturer in India has proposed to increase its plant capacity to 8.5 lakhs from the existing volume of 7.5 lakhs, 50 Kms from state capital Chennai.

The investment will be carried out within a period of 10 years from 2023 to 2032, that would witness the introduction of new EVs and increase in production volumes.

To enable the accessibility of EV products, the Hyundai Motor Company also plans to install a battery assembly unit, that can hold up to 1.78 lakhs battery packs.

With the 20,000 Crore investment, the South Korean industrialist also pledges to launch new machinery, electric vehicles, and future technology.

The Associate VP of Corporate Affairs of Hyundai India, Puneet Anand, declared that new EVs can be launched at a faster pace across various segments with state-of-the-art battery pack assembly unit, which will be all set for production within a year.

In the next two years, domestically built batteries might also witness its entry into the Hyundai production unit.

With the investment deal, the automotive giant intents to establish the South Indian state as the base for Hyundai EV production in India with 5 new models of EV.

Recently, the Memorandum of Understanding (MoUs) were also exchanged between Unsoo Kim, the Hyundai India CEO and MD, Guidance Tamil Nadu MD and CEO V Vishnu, and the Tamil Nadu Government, with the Tamil Nadu Chief Minister MK Stalin and Minister of Industries TRB Rajaa in attendance.

During the MoU exchange, the Tamil Nadu CM declared that the state has set a target of emerging as 1 trillion dollar economy by 2030.

On the other hand, Unsoo Kim pronounced that Hyundai is driven to make the country self reliant and augment the socio-economic growth in the state with this strategic partnership.

Headquartered in Seoul, the auto manufacturer aspires to escalate its features and technology in the best manner to strengthen its portfolio and customer satisfaction in India.

Hyundai Motors aims to expand its to gross production volume to 8,50,000 units per year, coupled with rolling out novel Internal Combustion Engines (ICE) vehicles and EV from its Sriperumbudur factory outlet.

In addition to that, the Irungattukottai plant will be developed as a mother plant for emerging international markets and as a hub for manufacturing clean mobility in Tamil Nadu. The facility caters its export to more than
80 countries alongside its domestic dominion.

EVs are currently penetrating with huge success into the Indian passenger vehicle market, and Hyundai chances to grow in harmony with the clean energy initiative.

About 1 per cent of the annual sale of Hyundai in India is contributed by the company’s EV sales. In the premium segment, Hyundai is offering two models of EV; the Ioniq 5 and Kona.

The Hyundai Motors India Limited is also going to set up 100 EV charging stations on all significant highways across 33 cities in TN over the next 5 years, that will subsequently motivate the buyers to invest in electric vehicles.

Out of the 100, the company has proposed to install 85 Single Fast Charging Stations of DC 60 KW, 10 Single Fast Charging Station of DC 150 KW, and 5 Dual Ultra-Fast Charging Stations consisting of DC 60 KW and DC 150 KW.

Hyundai, founded by Chung Ju-yung in 1967, made its entry into the Indian automobile market in 1997 with Tamil Nadu as its home, and the company kicked off its first car in 1998.

The Tamil Nadu State Government is witnessing an ardent transition to electric mobility and is impressively promoting this sustainable change in its ecosystem. Tamil Nadu claims to assist the growth of nascent EV sector in the Indian subcontinent with about 34 per cent investment share.

The EV policy has also been recently updated in the state with a remarkable focus on battery and cell manufacturing. Two-wheeler EV firms are already running successfully in the state, which includes Ather, Ola, TVS, Simple Energy and Ampere.

Puneet Anand mentioned that the world’s largest automotive manufacturing company is quite excited about renewing its investment commitment in Tamil Nadu.

The Global Investors Meet will be hosted next month in Tamil Nadu under the New Minister of Industries. Thus, Hyundai’s investment is quite significant to the state, owing to its largest manufacturing set up and consistent investment in Tamil Nadu.

Proofread & Published By Naveenika Chauhan