Hyundai announces investment program of over Rs 15,000 crore in Tamil Nadu

Hyundai Motor India Ltd will soon announce the next phase of its significant investment, which is anticipated to cost at least Rs 15,000 crore. The funding will be used to create an ecosystem for the production of electric vehicles as well as other alternative Fuel Technologies like Hydrogen Mobility.

According to the article, HMIL will sign a memorandum of understanding (MoU) for the projected big investment on May 11.

The projected investments, which range from Rs 15,000 to Rs 20,000 crore, will be distributed over the following seven to 10 years, according to sources in the Tamil Nadu government.

HMIL has already made nearly $4 billion in the country. The Hyundai Group's Plant in Sriperumbudur, close to Chennai, is the company's first fully integrated production facility and is the second-largest factory outside of Korea with an annual production capacity of 7,40,000 automobiles. It is also the largest exporter of passenger cars from India.

As of 2022, the firm has sold 700,811 units in total, a 10.3% increase over 2021. In 2022, 148,300 units were exported while 552,511 domestic units were sold.

Hyundai recorded operating revenue of Rs 47,043 crore for the year ended March 31, 2022, up from Rs 42,410 crore in FY21, according to the ratings and research agency CRISIL.

The Hyundai Group stated last month that it would significantly expand the number of EVs sold globally to 3.64 million units by 2030 in order to achieve its goal of becoming one of the Top Three EV Manufacturers in the World by that point through the combined sales of Hyundai Motor, Kia and Genesis Electric Models. The company also intends to provide a total of 31 EV Models in an effort to address the growing need for EVs.

The team has also been working on fuel-cell cars and has spent a lot of money on Hydrogen Mobility.

The Penetration of Electric PV in India is now estimated to be 2%. During the preceding fiscal year, more than 40,000 electric PVs (including electric cars and SUVs) were sold, with Tata Motors accounting for nearly 80% of the total volumes.

More manufacturers plan to release electric vehicles under Rs 10 lakh in order to speed up the adoption of EVs. The new MG Motor India Comet with an MSRP of Rs 7.98 lakh is the least expensive electric hatchback currently on the market in India. Tiago an electric hatchback from Tata starts at Rs 8.69 lakh.

The Kona Electric Vehicle and the Ioniq 5 Electric SUV are presently available from HMIL in Premium Categories. The E-GMP Platform for Battery Electric Vehicles has however been stated for India. The E-GMP Platform's first version to be launched was the Ioniq5.