Hyundai announces Rs 20,000 crore investment in Tamil Nadu for EV ecosystem development

rawan239

2 years ago

Motor IndiaLimited (HMIL) has announced new long term plans in the state ofTamil Nadufor the development of its electric

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vehicle (EV) ecosystem. A statement released by the company said that it will make further inroads into electric vehicles and modernization of vehicle platform by investing Rs 20,000 crore in a phased manner over the period of 10 years (2023 to 2032).

As a part of the plan, Hyundai will set up a state-of-the-art battery pack assembly unit with an annual capacity to assemble 1,78,000 units of batteries. Furthermore, the company plans to install 100 EV charging stations at key locations in major highways, over a period of five years.