Hyundai to invest Rs 20,000 crore in India to boost EV operations

Delhi : A phased investment of Rs 20,000 crore is part of Hyundai's 10-year long-term investment plan for India. The money will stay in Tamil Nadu and be used to increase production and create additional electric vehicle (EV) products.

For many years, the Korean automaker has maintained its production headquarters in Tamil Nadu, and it has plans to increase its activities there. A dedicated battery pack assembly facility with a yearly production capacity of 1.78 lakh battery packs would be established, according to Hyundai.

A portion of this investment would be used by Hyundai to expand its manufacturing capabilities and raise the annual output capacity of its Sriperumbudur factory in Tamil Nadu to 8.5 lakh units. From this plant, the automaker intends to develop and market new internal combustion engine (ICE) and electric vehicles. 

Beyond new models and regional battery pack assembly, EVs are a priority.  Additionally, Hyundai will set up 100 rapid charging stations at strategic intersections along major thoroughfares. 85 single charging stations with 60kW DC chargers, 10 single fast charging stations with 150kW DC chargers, and 5 dual fast charging stations with 150kW and 60kW DC chargers will be included.

Hyundai will also keep working on more environmentally friendly transportation technology, which may involve testing hydrogen fuel cell-based energy sources.