Hyundai signs deal with Tamil Nadu for Rs 20,000 cr investment in EV space
Hyundai Motor India (HMIL) on Thursday signed an agreement with Tamil Nadu to invest around Rs 20,000 crore over 10 years for expanding electric vehicle (EV) production and in associated ecosystem.
HMIL, India’s second largest car manufacturer, will set up a battery pack assembly unit with an annual capacity of 178,000 units. It will install 100 EV charging stations across the state in the next five years, according to the memorandum of understanding (MoU) the two sides signed.
HMIL’s total exports in 2022 stood at 1,81,000 units, and these comprised only internal combustion engines (ICE). The company plans to increase exports to 3,19,000 units in 2023,
