Hyundai announces ₹6,180 crore investment in Tamil Nadu; Details here

Chennai: Hyundai Motor India, in a major announcement on Monday, declared an additional investment of ₹6,180 crore in the state of Tamil Nadu. This substantial commitment supplements the earlier ₹20,000 crore investment slated over a decade, commencing in 2023. The extended investment plan spans from 2023 to 2032, focusing on Electric Vehicle (EV) manufacturing, charging infrastructure, and skill development.

Boosting electric mobility, skill development

The Memorandum of Understanding (MoU) formalising this new investment was endorsed by Hyundai and the Tamil Nadu state government. Chief Minister MK Stalin and Union Commerce and Industry Minister Piyush Goyal were present during the signing ceremony. Unsoo Kim, MD and CEO of Hyundai Motor, highlighted the significance of the ₹6,180 crore investment as a demonstration of their enduring commitment to fostering socio-economic development in the state, aligning with the vision of a self-reliant India.

Hydrogen Valley Innovation Hub

As part of this fresh investment, Hyundai will collaborate with IIT-Madras to establish a Hydrogen Valley Innovation Hub, backed by an investment of ₹180 crore. This innovative hub aims to serve as a focal point for developing a framework for the localisation of the hydrogen ecosystem. Hyundai envisions that this initiative will not only generate employment opportunities but also contribute to skill development in the region.

Diversification into hydrogen fuel technology

Hyundai, known for its diverse range of car models encompassing petrol, diesel, CNG, and battery technologies, is poised to explore the frontier of hydrogen fuel. The company has globally introduced a hydrogen fuel SUV named Nexo, a groundbreaking addition to its innovative lineup. Recently unveiled at the Tamil Nadu Global Investors Meet, Nexo signifies Hyundai's commitment to advancing sustainable and cutting-edge automotive solutions.

The strategic collaboration with IIT-Madras underscores Hyundai's dedication to fostering innovation, sustainable practices, and economic growth in Tamil Nadu. This multifaceted investment not only cements Hyundai's position as a key player in the Indian automotive landscape but also propels the region towards a greener and more technologically advanced future.