South Korea’s Company Hyundai to invest $2.45 billion in India: South Korea’s Hyundai Motor Co on Thursday said it will invest 200 billion rupees ($2.45 billion) over 10 years in India’s southern state of Tamil Nadu to ramp up production and introduce new electric vehicle models.
Hyundai Motor India, through its Indian subsidiary, will set up a battery pack assembly unit with an annual capacity of 178,000 units and set up 100 EV charging stations across the state.
The company said it is working on plans to increase its total production volume in the country to 850,000 per year.
South Korea’s Company Hyundai to invest $2.45 billion in India
Hyundai’s move comes weeks after the federal government said it would raise taxes on imported cars and motorbikes, including electric vehicles (EVs), as it seeks to boost local manufacturing.
India’s EV industry has grown rapidly with the launch of domestic carmakers Tata Motors and Mahindra & Mahindra as well as MG Motor from global rivals BYD and SAIC.
As of April, Hyundai has about 15% market share in India’s passenger vehicle segment, trailing only Maruti Suzuki. ($1 = 81.7800 Indian Rupees).