Schedule a Call Back
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 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.
Hyundai Motor India Limited (HMIL)
Tamil Nadu
Unsoo Kim
V Vishnu
M K Stalin
Thangam Thennarasu
T R B Rajaa
Krishnan S
Government of Tamil Nadu
Sriperumbudur
DS Kim
Puneet Anand
T Saravanan
Hyundai Motor Group
Electric & ICE Vehicles
Electric Vehicles
Related Stories
Auto & Auto Components
Role of EV charging guns in accelerating electric mobility: Ishaan Parwanda
India's EV market has witnessed exponential growth, with EV sales surging from 160,000 in 2019 to 1.5 million in 2023.
Read moreElectrical & Electronics
Bharat FIH shuts R&D and supply chain subsidiary amid revenue decline
In 2021, Bharat FIH had established two subsidiaries—Bharat Taiwan Corporation and Rising Stars Hi-Tech—to enhance research, product development, and engineering capabilities.
Read moreRelated Products
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
Electric Vehicle Charger
AUTO COMPONENTS & ACCESSORIES
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
