Hyundai plans to invest $2.5bn in Tamil Nadu to increase EV Production
Hyundai Motor and the Tamil Nadu government signed a memorandum of understanding to invest 15,000 to 20,000 crore over the course of the following 7–10 years.
With this investment, the company will modernise its facility, introduce new models, and produce battery assembly packs for electric vehicles as well as EV charging stations.
It also wants to increase the number of automobiles produced in Chennai annually from 775,000 to 8,50,000.
With a capacity of 740,000 automobiles, the Sriperumbudur plant is the second-largest outside of Korea.