Hyundai Tamil Nadu Investment: Hyundai Motors has recently announced that it will invest an additional investment in Tamil Nadu. Presently, the company will invest Rs. 6180 crore in the state. The company will invest the said amount in the next ten years as a part of its 2023 announcement. Check more details below.
The company will invest a total of Rs 20000 crore between 2023 and 2032. This investment aims to enhance Hyundai’s potential for manufacturing EVs, skill development and expanding charging infrastructure across the country. The recently invested amount of Rs 6180 crore also includes Rs 180 crore for setting up a dedicated Hydrogen Valley Innovation Hub in collaboration with IIT Madras.
Hydrogen Resource Centre
The recently made investment made by Hyundai is aimed at setting up an incubation cell facility. The primary objective of the initiative is to localize the Hydrogen ecosystem. As per Hyundai, this initiative will also promote employment generation and skill development in the state of Tamil Nadu.
Hyundai currently has diesel, petrol CNG and electric vehicles in its India portfolio. But internationally, the carmaker also has a hydrogen-powered SUV, Nexo which was recently demonstrated at the Tamil Nadi Global Investors Meet.
It seems that Hyundai is planning to expand its powertrain offerings in the country, specifically adding a new hydrogen-powered powertrain. Tarun Garg, Hyundai Executive Director Tarun Garg said that the brand’s strategy will depend on the market dynamic and demand even if the company works relentlessly to introduce the new technology.
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