Hyundai Motor India has revealed its long-term investment plans for modernization of the vehicle platforms and developing electric vehicles. The South Korean automaker will make an investment of Rs 20,000 crore in a phased manner in Tamil Nadu over the next ten years. That means, the invest will be begin in 2023 and go till 2032. The company plans to setup a dedicated battery pack assembly plant in Tamil Nadu. The facility will have capacity to assemble 1.78 lakh battery packs per year. The investment will also go into increasing production capacity to 8.5 lakh units at its Sriperumbudur plant.
Besides developing new electric cars, Hyundai will manufacture new internal combustion engine (ICE) powered models at the same production plant. Unsoo Kim, MD and CEO at Hyundai Motor India said that the company’s new investment plant will help it to strengthen its product portfolio and offer best-in-class features and technologies in their vehicles.
Furthermore, the South Korean automaker plans to install 100 fast EV charging stations at key locations across major highways in the next 5 years. The plan outlines 85 single charging stations with 60kW DC chargers, 10 single fast charging stations with 150kW DC chargers and 5 dual fast charging stations with 60kW and 150kW DC chargers. With an aim to promote clean energy, Hyundai will continue to explore sustainable technologies in the coming years.
Upcoming Hyundai EVs
Currently, the company has two electric offerings in India – Kona EV and Ioniq 5. Hyundai aims to tap the mass EV market with an affordable electric mini SUV that will under its ‘Smart EV’ project. If reports are to be believed, the model will deliver a range of around 200km and cost under Rs 10 lakh. As of now, the company is testing the electric iteration of the Hyundai Creta that’s reported to hit roads in 2025.
