With an eye on bolstering its electrification plans, Hyundai India has revealed it will invest Rs 20,000 crore in the state of Tamil Nadu over the next 10 years. A big part of this investment will be utilised in developing future vehicle platforms, establishing a battery pack assembly unit, as well as ramping up the Korean carmaker’s production capacity. A Memorandum of Understanding (MoU) was exchanged between Hyundai India MD and CEO Unsoo Kim and V Vishnu, I.A.S., MD & CEO, Guidance Tamil Nadu in the presence of Tamil Nadu CM M K Stalin and other senior government officials.
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Hyundai India MD and CEO Unsoo Kim and V Vishnu, I.A.S., MD & CEO, Guidance Tamil Nadu exchanged a MoU in the presence of Tamil Nadu CM M K Stalin.
As part of its 10-year strategy, Hyundai will build a battery pack assembly unit, which will have the capacity to churn out 1.78 lakh batteries every year. Additionally, the company will set up 100 EV charging stations at key locations on major highways in the state over the next five years. Of the 100 stations, five will be ultra-fast charging stations with a 150 kW + 60 kW DC charger, ten will be fast charging stations with a single,150 kW DC charger and 85 of them will have a single, 60 kW DC charger.
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Also on the cards for Hyundai is a further increase in production capacity. At present, Hyundai has a total annual capacity of 7.60 lakh vehicles, which it is in the process of ramping up to 8.20 lakh units by June 2023. A part of the investment will be directed towards further increasing annual production capacity to 8.50 lakh units. The carmaker intends to utilise the enhanced capacity for new electric vehicles, as well as new internal combustion engine vehicles.
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The Ioniq 5 is one of six new Hyundai EVs coming to India by 2028.
Speaking on the announcement, Unsoo Kim, MD & CEO 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 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.”
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Hyundai has previously said it will launch a total of six battery-powered new vehicles in India by 2028, one of which has already arrived in the form of the Ioniq 5 crossover. At least two of the remaining five EVs are expected to be based on the Hyundai Group’s dedicated E-GMP architecture, while the other three could be based on a modified version of Hyundai’s ICE vehicle platforms. The company is understood to also be a testing an all-electric SUV based on the hugely popular Creta compact SUV, which could be lined up for a launch in the coming years.
