Hyundai India has determined that it will invest Rs 20,000 crore in the state of Tamil Nadu over the course of the subsequent ten years. This determination was produced with the purpose of enhancing the company’s electrification alternatives. A significant amount of the funds that will be acquired as a result of this investment decision will be put towards the development of long-term vehicle platforms, the installation of a device for the assembly of battery packs, and an increase in the manufacturing capacity of the Korean automaker. The Chief Minister of Tamil Nadu, M. K. Stalin, along with other top federal government officials, witnessed the signing of a Memorandum of Understanding (MoU) between Hyundai India’s Managing Director and Chief Executive Officer Unsoo Kim and Vishnu Vishnu, I.A.S., Managing Director and Chief Executive Officer of Steerage Tamil Nadu.

A memorandum of understanding was signed between the MD and CEO of Hyundai India, Unsoo Kim, and the MD and CEO of Steerage Tamil Nadu, Vishnu, I.A.S., in the presence of the Chief Minister of Tamil Nadu, M. K. Stalin.

Hyundai plans to build a battery pack assembly unit as part of its strategy for the next ten years. This unit will have the capacity to produce 1.78 lakh batteries each and every year. In addition, over the following five decades, the corporation intends to install one hundred electric vehicle (EV) charging stations in strategic locations along major routes in the state. There will be a total of 100 charging stations; five of them will be extremely-fast charging stations with a 150 kW + 60 kW DC charger, ten will be rapidly charging stations with a single 1,150 kW DC charger, and the remaining 85 will feature a single, 60 kW DC charger.

Increasing the company’s production capacity to its fullest potential is another objective for Hyundai. At the moment, Hyundai is capable of producing 7.60 lakh autos on an annual basis, but the company is working towards increasing that number to 8.20 lakh units by the end of June 2023. A portion of the financial commitment will be put towards increasing the annual production capacity to 8.50 lakh models, which is one of the goals that will be pursued. The manufacturer of autos wants to make use of the improved capability for the production of new electric automobiles in addition to new internal combustion engine automobiles.

One of the six new electric vehicles (EVs) that Hyundai plans to bring to India by 2028 is the Ioniq 5.

Unsoo Kim, the MD & CEO of the company, made the following statement regarding the announcement: “Hyundai has been one particular of the biggest brands and regular buyers in Tamil Nadu.” This strategic relationship is a demonstration of Hyundai’s determination to raising the socio-economic improvement in the State and making the location self-sufficient. As part of our long-term vision, we have settled on the notion of laying the foundation for Hyundai’s electric vehicle (EV) manufacture in India in the state of Tamil Nadu. These plans are currently in the final stages of development. This will assist us to strengthen our portfolio and deliver features and systems in our automobiles that are optimal for their class, which will exceed the expectations of our customers.

The Hyundai Ioniq 5 crossover is the first of a total of six new battery-powered vehicles that Hyundai plans to launch in India by the year 2028. The automaker has previously stated that it will begin production of these vehicles in India by that year. It is predicted that at least two of the remaining five electric vehicles will be principally based on the architecture of the Hyundai Group’s targeted E-GMP, while the other three may be based on a modified version of one of Hyundai’s internal combustion engine (ICE) automobile platforms. It is believed that the company is also testing an all-electric powered SUV that is modelled after the extremely well-known Creta small SUV. If all goes well, production of this all-electric SUV could be scheduled to begin in the following years.