Hyundai Motor India, the nation’s second-largest automaker, announced on Thursday that it will spend Rs 20,000 crore over ten years in Tamil Nadu to launch new electric vehicle (EV) models and boost output at its Irunga plant.
In a statement, Hyundai claimed that over the next five years, it will establish 100 EV charging stations throughout the southern state and a battery pack assembly facility with a 178,000-unit annual capacity.
The business wants to boost annual output at its manufacturing facility outside of Chennai from about 775,000 to 850,000 automobiles. The automaker, however, did not provide a timeframe for completing the task.
In the presence of Chief Minister M K Stalin, Unsoo Kim, MD and CEO of Hyundai India, and Vishnu, MD, and CEO of Guidance Tamil Nadu, signed a Memorandum of Understanding for the investment on Thursday.
As the government’s production incentive plan is only effective when manufacturing is done within the nation, Hyundai is also building up a local vendor base for EV parts rather than importing them, according to Puneet Anand, a senior executive for corporate affairs, who spoke at a news conference.
As more businesses, like Mahindra & Mahindra and Tata Motors, begin creating electric cars, India’s fledgling EV sector is advancing quickly.
With five new EVs planned for release in India, Hyundai hopes to gain a 20% market share by 2032.
