Hyundai Motor India exchanges MoU with TN govt, planning to invest Rs 20,000 Cr

  • Industry News
  • May 12,23
Hyundai Motor India Limited (HMIL) is planning for a long-term investment in the state of Tamil Nadu for over the period of 10 years (2023 to 2032) with a plan to increase production volumes and introduce new electric vehicle models.
Hyundai Motor India exchanges MoU with TN govt, planning to invest Rs 20,000 Cr

Hyundai Motor India Limited (HMIL), India’s first smart mobility solutions provider and the largest exporter since its inception, announced its large-scale long-term investment plans in the state of Tamil Nadu on May 11. The company will make further inroads into electric vehicles and modernisation of the vehicle platform by investing Rs 20,000 crore in a phased manner over the period of 10 years (2023 to 2032).

In this regard, an MoU was exchanged between Unsoo Kim, MD & CEO, Hyundai Motor India Limited and V Vishnu, IAS, MD and CEO, Guidance Tamil Nadu in the presence of M K Stalin, Chief Minister of Tamil Nadu, Thangam Thennarasu, Minister for Finance, T R B Rajaa, Minister for Industries, Investment Promotion and Commerce, Krishnan S, IAS, Additional Chief Secretary, Industries, Investment Promotion and Commerce, Government of Tamil Nadu and other senior officials.

Kim said at the event, “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 boosting 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.”

HMI aims to be a strategic partner to Tamil Nadu’s government vision in building a sustainable ecosystem for the state’s transition towards electric mobility. In line with this, HMI will set up a state-of-the-art battery pack assembly unit with an annual capacity to assemble 1 78 000 units of batteries. Further, to give more peace of mind to our customers, HMI will install 100 EV charging stations at key locations in major highways, over a period of five years. This will include five 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).

HMI has also announced its plan to further increase the total production volumes to 8,50,000 units/year and introduce new Electric & ICE vehicles from its factory here in Sriperumbudur. As a part of Hyundai Motor Group’s long-term strategic vision to promote clean energy, Hyundai will continue to explore future sustainable technologies in the coming years. 

Senior officials from HMIL, DS Kim, Executive Director – Corporate Affairs, T Saravanan, Vice President – Finance and Puneet Anand, Associate Vice President - Corporate Affairs were also present at the event.

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