Chennai: Passenger car makers Hyundai Motor India Limited (HMIL) will make fresh investment of Rs 7,000 crore as part of its expansion plans in Tamil Nadu and roll out electric vehicles. It will also launch new models, said a top company official here on Monday.
Speaking to reporters after meeting Chief Minister Edappadi K. Palaniswami at the secretariat here, company Managing Director and Chief Executive Officer Y. K. Koo said the MoU for this fresh expansion would be signed with the state government during the second Global Investors Meet (GIM) here in January 2019.
The production capacity of the facility would be increased to another 1,00,000 units, including production of 50,000 Completely Knocked Down (CKD) vehicles. “This will mean that the production capacity would go up from 7,00,000 units at present to 8,00,000 units,” he added.
He had requested the state government to give more incentives on tax and other facilities like power and water, he said. Hyundai would produce more than 10 models, including 60,025 electric vehicles on the CKD in the first stage.
“'Later we are planning to start manufacturing electric vehicles within three years from the Hyundai facilities here,” Mr Koo said. The Rs 7,000 crore project means increased production capacity, new model launch and powertrain altogether, he added.
