Chennai, May 11, 2023: Hyundai has made a commitment to invest ₹20,000 crore in India over the next decade in order to encourage the adoption of electric vehicles and promote vehicle manufacturing. Hyundai has declared that they have entered into a Memorandum of Understanding (MoU) with the Tamil Nadu government.
The company has also announced their intention to enhance annual production to 8.50 lakh units at their Sriperumbudur factory in Tamil Nadu. This increase in production will be supported by the introduction of various new Internal Combustion Engines (ICE) and electric vehicles, aiming to broaden the brand’s sales within the country. Additionally, Hyundai will persist in investigating sustainable technologies throughout this process.
Hyundai has also revealed its intentions to establish a battery pack assembly facility near Chennai, specifically in Sriperumbudur, in order to accelerate the widespread acceptance of electric vehicles. Hyundai’s objective is to manufacture around 178,000 battery packs annually. With the initiation of local battery pack assembly, Hyundai electric vehicles are projected to experience a significant reduction in cost.
Hyundai aims to address range anxiety and enhance the travel planning experience for electric vehicle owners by establishing more than 100 rapid charging stations within the next five years. These charging stations will be strategically placed along major highways, offering convenience and accessibility. Among the planned stations, there will be a combination of 5 dual ultra-fast DC chargers with capacities of 150kW and 60kW, 10 single 150kW DC chargers, and 85 single 60kW DC chargers.
Commenting on this announcement, Unsoo Kim, MD and CEO, Hyundai Motor India Limited, said in a press release, “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. As part of our long-term vision, we have finalised plans to develop and establish Tamil Nadu as a base for Hyundai’s EV Manufacturing in India. 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.”
This substantial investment underscores Hyundai's commitment to sustainable mobility and aligns with the country's ambitious goals of transitioning to electric transportation. This landmark investment not only marks a significant milestone for Hyundai but also signals a pivotal moment in India's journey towards a cleaner and more sustainable automotive industry.