Hyundai Motor India is expected to invest around Rs 15,000 crore in its next phase of investment. This investment would be for making electric vehicles and building the associated ecosystem.
The company would sign a memorandum of understanding with the Tamil Nadu government, according to a report. The proposed investments of Rs 15,000 to Rs 20,000 crore would be spread across the next 7-10 years, the business site stated, quoting sources.
The company has invested $4 billion in the country so far. Its Sriperumbudur plant is the second-largest facility outside Korea, capable of producing 740,000 cars.
The Hyundai Group has plans to expand its global EV volume to 3.64 million units by 2030 as it aims to become one of the top EV manufacturers by 2030 through the combined electric vehicle sales of Hyundai, Kia and Genesis.
The company also plans to invest around $1.51 billion in Ulsan, South Korea to build a designated electric vehicle (EV) factory. The investment is part of a previously announced plan by Hyundai Motor Group to invest 24 trillion won in South Korea's EV industry through 2030.
The automaker is also focussing on hydrogen mobility and has been developing fuel-cell vehicles. Hyundai currently has two electric vehicles IONIQ 5 and Kona Electric in India.