Hyundai will invest a whopping sum of Rs. 20,000 crore in the state of Tamil Nadu over the next decade to develop new products and modernise vehicle platforms
Hyundai Motor India Limited (HMIL) has confirmed that it will invest a huge sum of money in a phased manner as a whopping Rs. 20,000 crore will be invested in the state of Tamil Nadu over the next decade. The investments will be brought in from this year and it will go all the way until 2032 as new product development and modernisation of vehicle platforms will be a key agenda.
The South Korean auto major has established Tamil Nadu as its central hub for producing electric vehicles in India. It will set up a battery assembly unit with a capacity of 1.78 lakh units per annum. In addition, Hyundai will install 100 EV charging stations over the next five years to help support the growing charging infrastructure in the country.
The company will expand its manufacturing capacity at the Sriperumbudur plant to 8.5 lakh units annually and is planning to launch more electric and ICE vehicles. Up next, Hyundai will introduce the Exter micro SUV, which will compete against Tata Punch and Citroen C3, entry-level variants of Renault Kiger and Nissan Magnite.
The Hyundai Exter is based on the same platform as the Grand i10 Nios and it derives power from a 1.2L NA three-cylinder petrol engine, paired with a five-speed MT or an AMT while the CNG variant will only be available with a manual gearbox. It will be offered in an expansive range and will be positioned below the Venue compact SUV.
It must be noted that Hyundai will also launch the heavily updated version of the Creta in India in early 2024. The midsize SUV is already available in the global markets in its facelifted avatar. However, the India-spec model will be different and it will feature a new 1.5L turbo petrol engine developing 160 PS maximum power and 253 Nm.
The interior will also be thoroughly revised with the inclusion of new features and technologies including ADAS-based driver-assistive and safety systems. The brand is also testing the electric version of the Creta.