Hyundai To Boost EV Adoption And Vehicle Manufacturing With Rs. 20,000 Crore Investment | V3Cars
Hyundai India have committed to invest over Rs. 20,000 crore in Tamil Nadu over the next 10 years to boost EV adoption and vehicle manufacturing. Hyundai announced they have signed a memorandum of understanding (MoU) with the government of Tamil Nadu. Read on to know how Hyundai’s investment could benefit Indian car buyers.
Hyundai India To Increase Production
Hyundai India have revealed their plans to boost production to 8.50 lakh units every year from their factory in Sriperumbudur, Tamil Nadu. A range of new ICE and electric vehicles will contribute to the increased production and expand the brand’s sales in the country. Furthermore, the carmaker will continue to explore sustainable technologies along the way.
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Battery Pack Assembly Unit In Tamil Nadu
To boost the faster adoption of electric vehicles, Hyundai have announced plans to set up a battery pack assembly unit in Sriperumbudur near Chennai. Hyundai aims to assemble 1.78 lakh units of battery packs every year. Once local assembly of battery packs begin, we can expect the cost of Hyundai EVs to come down drastically.
More EV Fast Chargers Coming
To kill range anxiety and help their customers plan road trips more efficiently with their electric vehicles, Hyundai will set up over 100 fast charging stations over the course of the next 5 years. These fast chargers will be installed at key locations across major highways. These 100 chargers will include 5 dual ultra-fast DC 150kW and 60kW charging stations, 10 single 150kW DC charging stations and 85 single 60kW DC charging stations.
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Commenting on the announcement and signing of memorandum of understanding (MoU), Unsoo Kim, MD and CEO, Hyundai Motor India Limited, said, “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 boost the socio-economic development in the State and make the country self-reliant. As part of our long-term vision, we have finalized 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.”
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