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Hyundai is all set to invest Rs 7,000 crore in electric vehicles in the coming days. The announcement is expected to be made at the upcoming global investors meet. Hyundai would also be signing a memorandum of understanding with the government of Tamil Nadu on the same day.
It is very obvious that electric vehicles are the future and it is this very fact that is sending every automobile manufacturer sampering to draw plans for electrification. Investing Rs 7,000 crores into its plant at Sriperumbudur in Chennai and expanding production capacity while allowing for production and development of electric vehicles is Hyundai's plan for electrification.
This additional investment is expected to create an additional 1,500 jobs in the factory and this has obviously made the state government of Tamil Nadu very happy. In-fact, the state government would be giving special incentives to Hyundai for the additional investment.
Chennai is considered the Detroit of India because it is home to several automotive manufacturers. More than 30 percent of India's car manufacturing happens at Chennai, and more than 35 percent of automotive components manufacturing too happens at Chennai.
Hyundai has a large role to play in this, as the Korean auto manufacturer was one of the first to set up manufacturing in the city. Hyundai also exports thousands of cars to several countries, all manufactured at the Chennai plant.
Since so much activity has been happening at the Sriperumbudur plant, it makes sense for Hyundai to invest more in the same place and expand its operations. Electric vehicles will take up a majority of this investment as Hyundai seeks to develop EVs for the domestic market as well as for exports.
It would be a few years before we start seeing the results of this investment, but it would be a fruit-bearing investment for sure. Hyundai had displayed the Kona at the 2018 Indian Auto Expo and it is widely regarded as Hyundai's first electric vehicle for the Indian market. An announcement in this regard, or even a concept could be expected at the 2020 Indian Auto Expo.
Thoughts On Hyundai Investing Rs 7,000 Crores In Electric Vehicles
The entire world is going the electric vehicle way and so are Indian manufacturers. In a couple of years, we would see electric vehicles from Hyundai, Maruti Suzuki, Tata and Mahindra. Mahindra and Tata are already ahead of the game and soon other manufacturers would follow suit.