Team Blitz India
NEW DELHI: South Korea’s Hyundai Motor Co said it will invest 200 billion rupees ($2.45 billion) in Tamil Nadu over the next 10 years to beef up electric vehicle production in India.
Tamil Nadu’s capital – Chennai – dubbed as the Detroit of Asia, is a hub for automobile manufacturing where the likes of Ashok Leyland , TVS Motor and Renault-Nissan churn out millions of vehicles every year.
Hyundai, through its Indian subsidiary Hyundai Motor India, will set up a battery pack assembly unit with an annual capacity of 178,000 units and install 100 EV charging stations across the southern state in the next five years, it said in a statement on May 11.
The company plans to increase the production volume at its factory near Chennai to 850,000 vehicles per year from roughly 775,000 currently. Hyundai also expects its export volumes to hit 319,000 vehicles by 2032, from 181,000 in 2022.
The investment plan comes days after the Government said it would raise taxes on imported vehicles to boost local manufacturing.
