South Korea’s Hyundai Motor on Thursday mentioned it can make investments Rs. 200 billion ($2.45 billion) over 10 years in the southern state of Tamil Nadu to extend manufacturing and introduce new electrical car fashions.
The carmaker, via its Indian subsidiary Hyundai Motor India, will even arrange a battery pack meeting unit with an annual capability of 178,000 items and set up 100 EV charging stations throughout the state, it mentioned in a press release.
It plans to extend its complete manufacturing quantity in the nation to 850,000 per 12 months, the corporate added.
Hyundai’s transfer comes a couple of weeks after the federal authorities mentioned it could increase taxes on imported vehicles 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 international rivals BYD and SAIC’s MG Motor lining up launches.
As of April, Hyundai has a virtually 15 % market share in India’s passenger car area, solely behind Maruti Suzuki.
© Thomson Reuters 2023
