“Hyundai” of South Korea announced a long-term investment plan in the Indian state of Tamil Nadu.

The business will invest Rs 20,000 crore in progressive investments over a 10-year period (2023-2032) in electric vehicles and vehicle platform upgrades.

Unsoo Kim, MD and CEO of Hyundai Motor India, and V Vishnu, IAS, MD and CEO of Guidance Tamil Nadu signed the agreement in the presence of Tamil Nadu Chief Minister MK Stalin.

Thangam Thenarasu, Finance Minister; TRB Raja, Minister of Industry, Investment Promotion and Commerce; Krishnan S, IAS, Additional Chief Secretary, Industries, Investment Promotion and Commerce, Government of Tamil Nadu; and other top officials attended.

Unsoo Kim said, “As part of our long-term vision, we have finalized plans to develop and establish Tamil Nadu as Hyundai’s EV manufacturing base in India. This will help us strengthen our portfolio and offer the best features and technologies in our vehicles that will meet our customer’s aspirations.”

The Korean automaker intends to be a significant partner in the Tamil Nadu government’s objective of developing a sustainable system for electric mobility.

Hyundai will establish a battery pack assembly unit with an annual capacity of 1,78,000 batteries; and will deploy 100 EV charging stations along major highways over a five-year period. It has five dual ultra-fast charging stations (DC 150 KW + DC 60 KW), ten single fast charging stations (DC 150 KW), and eighty-five single fast charging stations (DC 60 KW).

Hyundai Motor India will raise its total yearly production volume to 8,50,000 units and will produce the new electric and ICE vehicles at its Sriperumbudur factory.