Hyundai to invest Rs 20k crore more in Tamil Nadu


CHENNAI: South Korean auto giant Hyundai said on Thursday it would invest 20,000 crore rupees in Tamil Nadu over a 10-year period. The carmaker, which has signed a MoU with the state government, said investment will start with one electric vehicle (EV) battery pack assembly unit with an annual capacity of 178,000 units, which will be operational in 12 months and create 500 jobs.
“The investment demonstrates our commitment to the Indian market and the state of Tamil Nadu. “We will create jobs and support the electric vehicle industry in India as well as the hydrogen ecosystem as it comes along in the future,” he said Hyundai India Managing Director and CEO Unsoo Kim.
The company has invested US$5 billion (currently around Rs.41,000 crore) in India. The investment includes model releases for both electric and internal combustion engine vehicles (ICE), an increase in production volume for electric and ICE cars, and investments in charging infrastructure (except for the battery pack assembly unit). It will help make Hyundai’s Irungattukottai Plant on the outskirts of Chennai “a center for manufacturing electric vehicles and electric vehicles” as well as a “supply center for regional exports,” said Puneet Anand, vice vice president (corporate affairs) of Hyundai India.
The carmaker is currently in the process of increasing its current production capacity from almost 7.8 lakh to 8.5 lakh per year. Hyundai also announced it will build 100 charging stations in 33 cities in Tamil Nadu over a five-year period to create an electric vehicle ecosystem in the state.
“We are building an end-to-end integrated EV battery assembly base in Tamil Nadu and expanding and developing our supplier base by adding new EV suppliers to localize the line,” Anand added.
The Prime Minister of Tamil Nadu, MK Stalin, said, “The state is leading both in the automotive field and more recently in the electric vehicle field because of the government policies and the quality of talent.” We published the EV Directive in February 2023 and as a result a giant like Hyundai will invest in the production of electric vehicles here. Around 15,000 direct jobs and over 1 lakh indirect jobs have been created and the new investments will continue to increase jobs.”

Source link


Please enter your comment!
Please enter your name here

Share post:




More like this

India’s import of Russian oil scales new high in May

NEW DELHI: India's import of cheap products Russian...

India deserves to have non-stop flights to more overseas destinations: Air India CEO

NEW DELHI: Air India chief Campbell Wilson stressed...

379 infra projects show cost overruns of Rs 4.64 lakh crore in April

NEW DELHI: Up to 379 infrastructure projectseach requiring...

How to prepare a hardware startup for raising a Series A

Champ Suthipongchai contributor Champ Suthipongchai is Co-Founder and GP at...