Hyundai Motor India, the second-largest carmaker in the country, has announced a big investment of ₹6,180 crore in Tamil Nadu to boost its electric vehicle (EV) and hydrogen car projects. The company signed a memorandum of understanding (MoU) with the Tamil Nadu government on Monday in the presence of Chief Minister MK Stalin and Union Commerce and Industry Minister Piyush Goyal.
More than ₹20,000 crore investment in 10 years
The company said that it will invest ₹6,180 crore as an additional investment in the state over the next 10 years, starting from 2023. This will be over and above the ₹20,000 crore investment that it had announced earlier, while ₹20,000 crore will be invested in EV manufacturing, charging infrastructure and skill development between 2023 and 2032. The new investment will also include setting up a supportive hydrogen valley innovation hub with the collaboration of IIT-Madras, for which ₹180 crore will be invested.
Hydrogen resource centre
As part of the new investment, Hyundai will also establish a plant that will work as a cell to develop a blueprint for localisation of the hydrogen ecosystem. The company said that this initiative will also create employment and support skill development in the region with the help of IIT-Madras.
Hydrogen fuel SUV
Hyundai currently offers car models with petrol, diesel, CNG and battery technologies. However, it also sells a hydrogen fuel SUV named Nexo in the global markets, which it showcased at the Tamil Nadu Global Investors Meet recently. The Nexo is claimed to be the world’s first dedicated hydrogen-powered SUV, which can run up to 609 km on a single charge and emits only water vapour.