Hyundai India Signs MOU to Invest Rs 20,000 Crore to Push EV Ecosystem

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HMI has also announced its plan to further increase the total production volumes to 8 50 000 units / year and introduce new Electric & ICE vehicles from its factory in Sriperumbudur.

Hyundai Motor India Limited (HMIL) has  announced its large-scale long term investment plans in the state of Tamil Nadu. The company will make further inroads into electric vehicles and modernization of vehicle platforms by investing Rs. 20,000 crore in a phased manner over the period of 10 years (2023 to 2032).
 
In this regard, an MoU was exchanged between Mr. Unsoo Kim, MD & CEO, Hyundai Motor India Limited. and Mr. V Vishnu, I.A.S., MD & CEO, Guidance Tamil Nadu in the presence of Thiru M K Stalin, Hon’ble Chief Minister of Tamil Nadu, Thiru.Thangam Thennarasu, Minister for Finance, Thiru. T.R.B.Rajaa, Minister for Industries, Investment Promotion and Commerce, Mr.Krishnan S, I.A.S., Additional Chief Secretary, Industries, Investment Promotion and Commerce, Government of Tamil Nadu and other senior officials.
 
Speaking on the announcement, Mr. Unsoo Kim, MD & CEO, Hyundai Motor India Ltd., said “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 finalized 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.”
 
HMI aims be a strategic partner to Tamil Nadu’s government vision in building a sustainable ecosystem for the state’s transition towards electric mobility. In line with this, HMI will set up a state-of-the-art battery pack assembly unit with annual capacity to assemble 1 78 000 units of batteries. Further, to give more peace of mind to our customers, HMI will install 100 EV Charging Stations at key locations in major highways, over a period of 5 years. This will include 5 Dual Ultra-Fast Charging Stations (DC 150 KW +DC 60 KW), 10 Single Fast Charging Stations (DC 150 KW) and 85 Single Fast Charging Stations (DC 60 KW).
 
HMI has also announced its plan to further increase the total production volumes to 8 50 000 units / year and introduce new Electric & ICE vehicles from its factory in Sriperumbudur. 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.

Source: dnaindia