According to sources, Hyundai Motor India Ltd (HMIL), the Indian subsidiary of a South Korean automaker, is anticipated to reveal plans for its next round of extensive investment, which is projected to be no less than ₹15,000 crores. This investment will be aimed at the production of electric vehicles, the development of the accompanying infrastructure, and alternative fuel technologies such as hydrogen mobility. HMIL will reportedly sign a memorandum of understanding with the Tamil Nadu government to formally establish this large-scale investment.
The proposed investments are expected to be spread over the next 7-10 years and could total between ₹15,000 crore to ₹20,000 crore. To date, HMIL has invested over $4 billion in India. The Sriperumbudur factory near Chennai, which is HMIL's first fully integrated production facility and the second-largest facility outside Korea, has the capability of producing 740,000 cars and is also a leading exporter of passenger vehicles from India. In 2022, the company's total sales reached 7,00,811 units, representing a 10.3% increase from 2021, with domestic sales of 552,511 units and exports of 148,300 units
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