Hyundai to invest Rs 20k crore more in Tamil Nadu

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Chennai-based South Korean automotive giant, Hyundai, revealed its plans on Thursday to make a staggering investment of Rs 20,000 crore in Tamil Nadu over the course of the next decade. The company formalized this commitment by signing a Memorandum of Understanding (MoU) with the state government, solidifying their long-term partnership.

Hyundai’s initial focus will be on establishing an electric vehicle (EV) battery pack assembly unit, boasting an impressive annual capacity of 178,000 units. The assembly unit is projected to be fully operational within the next 12 months and is expected to generate around 500 job opportunities in the region.

By venturing into the electric vehicle segment, Hyundai aims to play a significant role in India’s evolving automotive landscape. The investment will not only bolster the company’s presence in Tamil Nadu but also contribute to the growth of the state’s economy and the overall development of sustainable mobility in the region.

The establishment of the EV battery pack assembly unit marks an important milestone for Hyundai as it embarks on its journey to create a comprehensive electric mobility ecosystem. This move aligns with the global trend towards cleaner and more sustainable transportation solutions, addressing environmental concerns and reducing carbon emissions.

With its rich experience and technological expertise, Hyundai is well-positioned to capitalize on the growing demand for electric vehicles in the Indian market. The investment demonstrates the company’s commitment to staying at the forefront of automotive innovation and promoting the adoption of greener transportation alternatives.

The Tamil Nadu government has been proactive in attracting major investments and fostering a favorable business environment for automotive manufacturers. The collaboration between Hyundai and the state government not only strengthens the industrial landscape of Tamil Nadu but also underscores the region’s potential as a hub for electric vehicle manufacturing in India.

As Hyundai embarks on this ambitious investment journey, it is expected to further reinforce its position as a leading player in the Indian automotive industry. The company’s commitment to sustainable mobility and its strategic partnership with the Tamil Nadu government are poised to bring about positive economic and environmental outcomes in the years to come.

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