Hyundai Motor India (HMI) has announced that it would invest Rs 20000 crore over a period of 10 years to develop an electric vehicles ecosystem in the state.
A Memorandum of Understanding (MoU) was exchanged between Unsoo Kim, MD & CEO, Hyundai Motor India Limited and V Vishnu, MD & CEO, Guidance Tamil Nadu in the presence of Chief Minister MK Stalin, Finance Minister Thangam Thennarasu and Industries Minister TRB Rajaa.
Over the next five years, HMI plans to set up a battery pack assembly unit with an annual capacity of 1,78,000 units and 100 charging stations on major highways of the state.
It also announced plans to increase car production from its Sriperumbudur plant to 850000 units per year and introduce new models.
The announcement by Hyundai comes a day after US technology major Cisco said that it is looking to set up a manufacturing plant in the state.
On 9 May, Mitsubishi Electric exchanged an MoU with the Tamil Nadu government to set up an AC and compressor manufacturing plant near Gummidipoondi.
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