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By Shilpa Nair: South Korean automaker Hyundai Motor India is set to invest Rs 20,000 crore over a period of 10 years (2023 to 2032) in Tamil Nadu. This investment is aimed at increasing production and introducing new electric vehicle (EV) models.
The carmaker plans to increase production volumes and introduce new models of EVs.
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The company has also accelerated the transition towards carbon-neutral manufacturing and EVs. It plans to set up a battery pack assembly unit and 100 EV charging stations in Tamil Nadu.
A pact was exchanged between Guidance Tamil Nadu and Hyundai in the presence of CM MK Stalin.
Hyundai has two manufacturing plants in the state, Irungattukottai, and Sriperumbudur.
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The Sriperumbudur plant is capable of producing 7,40,000 cars per year and is the second largest facility outside South Korea. The automaker currently has two electric vehicles, IONIQ 5 and Kona Electric, selling in India.
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