South Korea’s Hyundai Motor Co is set to invest $2.45 billion over 10 years in Tamil Nadu, a South Indian state, in order to increase production of the new electric vehicle (EV) models.
On Thursday, Hyundai Motor Co announced the news. The company said it would invest 200 billion INR in the southern state of India. Reportedly, the investment would introduce new electric vehicle models in India.
Hyundai Motor India, a wholly owned subsidiary of the Hyundai Motor Company, will set up a battery pack assembly unit with an annual capacity of 178,000 units and install 100 Electric Vehicle charging stations in the state of Tamil Nadu.
According to a statement by the South Korea-based company, the carmaker also aims to increase its total production volume in India to 850,000 per year.
Hyundai Motor India Ltd (HMIL) aims to make electric vehicles, build an associated ecosystem and establish alternative fuel technologies like hydrogen mobility.
So far, Hyundai Motor India Ltd (HMIL) invested over $4 billion in India. HMIL’s factory in Sriperumbudur near Chennai, a city in Tamil Nadu, is a leading exporter of passenger vehicles from India.
In April 2023, Hyundai Group announced it would “significantly expand” the global Electric Vehicle volume to 3.64 million units by 2030. The Hyundai Group aims to become one of the world’s top 3 Electric Vehicle manufacturers by 2030 by the combined sales of Hyundai Motor, Kia and Genesis electric models.
The carmaker, through its Indian subsidiary Hyundai Motor India, had been selling the electric car Kona and the electric SUV Ioniq 5, which was the first model introduced on the platform E-GMP (Electric Global Modular Platform) in India.
Meanwhile, Hyundai Motor India Ltd (HMIL) has opened bookings for the Exter micro SUV car. Indians can book the car by paying Rs 11000 in advance.
Negotiation of the trade agreement with Mercosur and increasing interest in Middle Eastern market advances with the potential to drive… Read More
"Hello, Love, Again," the movie starring Kapamilya actress Kathryn Bernardo and Alden Richards earned over ₱85 million on its first… Read More
Former Pakistan cricketer Rashid Latif has voiced strong opinions about cricket match between India and Pakistan. He said that Pakistan… Read More
President Gustavo Petro’s goal of redistributing land in Colombia—an issue central to the 2016 peace agreement between the government and… Read More
In a rather surprising decision, Donald Trump suggested Pete Hegseth, a news anchor at Fox News, become the Secretary of… Read More
The fight between Mike Tyson and Jake Paul has been moved to November 15. This fight will take place at… Read More
This website uses cookies.
Read More