Hyundai to Invest $2.45 Billion in India to Increase Production, Introduce New EV Models

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South Korea’s Hyundai Motor on Thursday mentioned it’ll make investments Rs. 200 billion ($2.45 billion) over 10 years within the southern state of Tamil Nadu to extend manufacturing and introduce new electrical automobile fashions.

The carmaker, by means of its Indian subsidiary Hyundai Motor India, may also arrange a battery pack meeting unit with an annual capability of 178,000 models and set up 100 EV charging stations throughout the state, it mentioned in a press release.

It plans to extend its whole manufacturing quantity within the nation to 850,000 per 12 months, the corporate added.

Hyundai’s transfer comes a number of weeks after the federal authorities mentioned it might increase taxes on imported automobiles and motorbikes, together with electrical autos (EVs), because it seeks to spice up native manufacturing.

India’s EV business has grown quickly, with home carmakers Tata Motors and Mahindra & Mahindra in addition to world rivals BYD and SAIC’s MG Motor lining up launches.

As of April, Hyundai has an almost 15 p.c market share in India’s passenger automobile area, solely behind Maruti Suzuki.

© Thomson Reuters 2023

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