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Hyundai commits INR 20,000 Crore investment in India, focus on EV ecosystem

Written by AnantaSaranNayak

Hyundai Motor India (HMI) has unveiled its extensive long-term investment strategy in the state of Tamil Nadu. The Chennai-based Korean car maker has ambitious plans to expand its presence in electric vehicles. This will also include plans and initiatives to enhance vehicle platforms. Hyundai has planned to allocate around INR 20,000 crore over a phased 10-year period from 2023 to 2032.

Back in 2021, Hyundai showcased its strategy to invest INR 4,000 crore. This was towards the introduction of six new battery electric vehicles (BEVs) in the Indian market by 2028. These BEVs will include various segments and body styles including SUVs.

Hyundai To Launch A Slew Of EV Offerings

By introducing these new EVs, Hyundai aims to offer a range of electric vehicles to Indian consumers. Thus catering to different segments and preferences. This strategic partnership with the Tamil Nadu Government is a testimony to Hyundai’s commitment. The carmaker has always been into boosting the socio-economic development in the state and making the country self-reliant.

Tamil Nadu To Become Hyundai’s EV Manufacturing Hub

HMI also has plans to develop and establish Tamil Nadu as a base for the company’s electric vehicle manufacturing in India. In alignment with this objective, HMI will set up a cutting-edge battery pack assembly unit. This will have an annual capacity of 178,000 units. The company is also targeting to install 100 EV Charging Stations at key locations. This will be along major highways over a span of 5 years. This charging setup 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).

Hyundai Will Look Forward To More Sustainable Technologies

Furthermore, Hyundai has unveiled its plans to expand total production volumes to 850,000 units per year. As part of the Hyundai Motor Group’s long-term strategic vision which is to promote clean energy. Hyundai mentioned that they will continue exploring future sustainable technologies in the future.

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