Hyundai Plans To Invest Rs 20,000 Crore In India And Expand EV Operations
Modified On May 11, 2023 05:59 PM By Ansh
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The carmaker had committed to expanding operations in Tamil Nadu and make it a base for EV manufacturing
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Rs 20,000 crore will be invested over a period of 10 years, i.e., by 2032.
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Hyundai will set up a dedicated battery pack assembly plant in Tamil Nadu.
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It will also increase its production capacity to 8.5 lakh units annually.
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It will install 100 fast charging stations on major highways over the next 5 years.
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Hyundai will continue to work on clean energy sources for a sustainable future.
Hyundai has revealed its 10-year long-term investment plan for India which includes a phased investment of Rs 20,000 crore. The funds will be used to expand production and develop more EV products, staying based in Tamil Nadu.
Also Read: Hyundai i20 Gets Mild Facelift, Debuted Globally With India Launch Expected Later In 2023
The Korean carmaker has kept its manufacturing headquarters in Tamil Nadu for many years and plans to expand those operations within the state. Hyundai has announced it will set up a dedicated battery pack assembly plant with the capacity to assemble 1.78 lakh battery packs per year.
Hyundai will be allocating some of this investment to ramp up its manufacturing capabilities as well and increase its yearly production capacity to 8.5 lakh units at its Sriperumbudur facility in Tamil Nadu. The carmaker plans to manufacture and introduce new electric and internal combustion engine (ICE) powered vehicles from this facility.
The commitment towards EVs goes beyond new models and localised battery pack assembly. Hyundai will also install 100 fast charging stations at key locations across major highways. This will include 5 dual fast charging stations with 150kW and 60kW DC chargers, 10 single fast charging stations with 150kW DC chargers, and 85 single charging stations with 60kW DC chargers.
Hyundai will also continue working on more sustainable technologies for mobility, which may include experimenting with hydrogen fuel cell based energy sources.
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