Hyundai Motor India on Thursday announced it will invest Rs 20,000 crore in Tamil Nadu over 10 years to make further inroads into electric vehicles and modernisation of vehicle platforms.
The automaker will invest from 2023 till 2032, its Managing Director and CEO Unsoo Kim said in a statement.
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Hyundai is one of the largest manufacturers and regular 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,” Kim said.
As part of its 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.
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“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.”
Hyundai will set up a battery pack assembly unit with an annual capacity to assemble 1,78,000 units.
Also, it will install 100 EV charging stations at key locations on major highways over the next five years, it added.
Hyundai also said it plans to further increase its total production volumes to 8.5 lakh units a year and introduce new electric and internal combustion engine vehicles from its unit at Sriperumbudur in Tamil Nadu.
(With agency inputs)