- Saturday, March 01, 2025
The company will also set up a battery pack assembly unit through its Indian subsidy Hyundai Motor India with an annual capacity of 178,000 units.
By: Shubham Ghosh
South Korea-based Hyundai Motor Co on Thursday (11) said that it will invest Rs 200 billion (£1.9 billion) in the southern Indian state of Tamil Nadu over the next decade to beef up production of electric vehicles (EVs) in the South Asian nation, Reuters reported.
Chennai, the capital of Tamil Nadu, is known as ‘Detroit of Asia’ as it is a hub for automobile manufacturing where companies such as Renault-Nissan, Ashok Leyland and TVS Motor make millions of vehicles every year.
The company will also set up a battery pack assembly unit through its Indian subsidy Hyundai Motor India with an annual capacity of 178,000 units and install 100 EV charging stations across Tamil Nadu over the next five years, it said in a statement.
Hyundai also has plans to raise the production volume at its factory near the state capital to 850,000 vehicles a year from roughly 775,000 at the moment, the Reuters report added.
However, the automobile giant did not speak about a timeline to achieve the target, citing a volatile demand.
The company also expects its export volumes to touch 319,000 vehicles by 2032, from 181,000 last year.
Hyundai’s investment plans come days after the Narendra Modi government said it would increase taxes on imported vehicles to bolster local manufacturing.
The South Korean company holds about 15 per cent share in India’s passenger vehicle market, trailing only Maruti Suzuki India, the local unit of Japan’s Suzuki Motor.
