Hyundai reveals its future plans, will invest Rs 20,000 crore in the next ten years

Hyundai Motor Future Plan: South Korean automaker Hyundai Motor India has revealed its future plans and long-term investment projects for modernization of its vehicle platforms and developing electric vehicles. The company will invest Rs 20,000 crore in Tamil Nadu in a phased manner over the next ten years. That is, the company will complete its plan by 2032. Under which the company is also going to set up a battery pack assembly plant in Tamil Nadu, where 1.78 lakh battery packs can be assembled every year. Along with this, expenditure will also be made to increase the production capacity of the company’s Sriperumbudur plant to 8.5 lakh units.

What did the company say?

Apart from developing new electric cars, the company will manufacture new ICE models at its Tamil Nadu plant. Hyundai Motor India MD and CEO Unsoo Kim said that this new investment of the company will help in strengthening the production portfolio of the manufacturing plant and vehicles using top-in-class features and technologies.

The company will set up new charging stations

Hyundai is going to set up 100 fast EV charging stations at multiple locations on major highways of the country in the next 5 years. This will include 85 single charging stations with 60kW DC chargers, 10 single fast charging stations with 150kW DC chargers and 5 dual fast charging stations with 60kW and 150kW DC chargers. With an aim to promote green energy, Hyundai will continue to use new technologies in it.

New electric cars will come

The company currently sells two electric cars in India, which include Kona Electric and Ionic 5. The company aims to increase its share in the EV segment with an affordable electric mini electric SUV, which will come under the company’s ‘Smart EV’ project. According to media reports, this model will be able to give a range of about 200 km and its price will be less than Rs 10 lakh. Currently, the company is testing its Creta EV.

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