Hyundai Motor India’s next round of investment is projected to cost roughly Rs 15,000 crore. This investment would go towards the development of electric vehicles and the associated ecosystem.
According to Hindu BusinessLine, the corporation would sign a memorandum of agreement with the Tamil Nadu government on Thursday. According to reports, the anticipated investments of Rs 15,000 to Rs 20,000 crore would be distributed over the next 7-10 years.
So far, the corporation has invested $4 billion in the country. Its Sriperumbudur plant, capable of producing 740,000 automobiles, is the second-largest outside of Korea.
The Hyundai Group intends to increase its global EV volume to 3.64 million units by 2030 in order to become one of the top EV manufacturers through the combined electric vehicle sales of Hyundai, Kia, and Genesis by 2030.
In addition, the business intends to invest around $1.51 billion in Ulsan, South Korea, to construct a designated electric vehicle (EV) facility. The investment is part of Hyundai Motor Group’s previously announced commitment to invest 24 trillion won in South Korea’s EV industry through 2030. The manufacturer is also interested in hydrogen transportation and has been working on fuel-cell vehicles.
In India, the auto maker now sells two electric vehicles, the IONIQ 5 and the Kona Electric. Hyundai India has begun taking reservations for the Exter SUV. Those interested in purchasing the next automobile can pre-order it for a nominal fee of $10,000. The tiny SUV is available for pre-order at Hyundai dealerships around the country.
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