Hyundai Motor India Ltd has announced it will invest Rs 6,180 crore in the state of Tamil Nadu through various initiatives. The MoU between Hyundai and the state government regarding the new investment was during the Tamil Nadu Global Investors Meet 2024. Furthermore, in aid of enhancing skill development, improving charging infrastructure, and streamlining electric vehicle manufacturing, Hyundai is already planning to invest Rs 20,000 crore till 2032.
Interestingly, as part of the MoU signed by the brand, it will establish a dedicated ‘Hydrogen Valley Innovation Hub’ by further investing Rs 180 crore. This facility will be developed in association with IIT-Madras. It will act as an incubation cell to develop a framework for localisation of hydrogen powertrains and associated components and storage systems. Hyundai says this initiative will aid in generating employment and support skill development in the region.
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Speaking on the announcement, Mr Unsoo Kim, MD & CEO of Hyundai Motor India Ltd., said, “Hyundai has been one of the largest and most consistent investors in Tamil Nadu for the past 27 years. We extend our heartfelt gratitude for the unwavering support and guidance received from the state. This collaboration with the state government goes beyond mere investment; it is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors our commitment to sustainability and a green future. We are confident that this collective effort will propel Tamil Nadu towards achieving the milestone of becoming a $1 trillion economy.”
With its hydrogen-focused innovation hub, Hyundai will join Tata Motors, which, in 2023, opened two research and development facilities focusing on hydrogen-powered vehicles. Hyundai also displayed its Nexo hydrogen fuel-cell electric vehicle at the investor summit, and is currently gearing up for the launch of the Creta facelift on January 16.
