Hyundai Motor India on Thursday said it will invest Rs 20,000 crore in a phased manner in Tamil Nadu over the next ten years to make further inroads into electric vehicles and modernisation of vehicle platforms.
The automaker will invest in phases starting in 2023 till 2032.
"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," Hyundai Motor India MD and CEO Unsoo Kim said in a statement.
As part of our long-term vision, the company has finalised plans to develop and establish Tamil Nadu as a base for Hyundai's EV manufacturing in India, he added.
"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 stated.
The company said it will set up a battery pack assembly unit with an annual capacity to assemble 1,78,000 units of battery.
"Further, to give more peace of mind to our customers, the automaker will install 100 EV charging stations at key locations in major highways, over a period of five years," it added.
Hyundai also announced its plan to further increase the total production volumes to 8.5 lakh units a year, and introduce new electric and internal combustion engine vehicles from its factory in Sriperumbudur in Tamil Nadu.
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, it added.
