FCC

Hyundai to invest Rs 20,000 crore to Tamil Nadu's EV development

2023-05-15

In order to grow its electric vehicle (EV) ecosystem, Hyundai Motor India Limited (HMIL) has announced fresh long-term investment plans in the state of Tamil Nadu. According to a statement issued by the firm, it will invest Rs 200 billion gradually over a ten-year period (2023–2022) to further advance the development of electric vehicles and modernize vehicle platforms.

In the presence of M K Stalin, Hon'ble Chief Minister of Tamil Nadu, Thangam Thennarasu, Minister for Finance, T. R. B. Rajaa, Minister for Industries, Investment Promotion and Commerce, Krishnan S, I.A.S., Additional Chief Secretary, Industries, Investment Promotion and Commerce, Government of Tamil Nadu, and other individuals, Unsoo Kim, MD & CEO, Hyundai Motor India Limited, and V Vishnu, I.A.S., MD

Hyundai will implement the idea by constructing a cutting-edge battery pack assembly facility with a yearly capacity to build 1,78,000 batteries. Additionally, during a five-year period, the business intends to add 100 EV charging stations at strategic sites along major roadways. There will be 85 Single Fast Charging Stations (DC 60 KW), 10 Single Fast Charging Stations (DC 150 KW), and five Dual Ultra-Fast Charging Stations (DC 150 KW + DC 60 KW).