India: South Korean auto major Hyundai Motor India (HMIL) has planned to make inroads into electric vehicles by announcing a huge investment of USD 2.4 billion in Tamil Nadu, India, over ten years (2023–2022). This investment will bring companies' EV goals in line in the coming years as EV adoption and influence towards green mobility rise in the country. In addition, the company has announced that it will set up a state-of-the-art electric vehicle battery pack assembly unit in Tamil Nadu with an annual capacity of 1,78,000 assembled battery units.

 To dominate the EV market, the automaker has also planned to install 100 EV charging stations at multiple locations nationwide in the coming five years. These stations will include 85 single fast charging stations (DC 60 KW), 10 single fast charging stations (DC 150 KW), and 5 dual ultra-fast charging stations (DC 150 KW +DC 60 KW). In addition, the automaker has also planned to increase its production capacities to 8.5 lakh units annually from its current 7.7 lakh units annually. At the same time, it has also scheduled to launch new models for internal combustion engines and electric vehicles in the country from its factory here in Sriperumbudur, Tamil Nadu.

 The company also estimates that one-fifth of the sales will come from electric vehicles by 2032, as it has planned to introduce five new electric cars across different segments in the country. HMIL has invested almost USD 3 billion in automobile manufacturing over the previous 27 years with two plants in Tamil Nadu. The new investment will create direct jobs for 15,000 people in the country in the coming years.

Commenting on the recent development, TechSci Research Director, Mr. Karan Chechi said, “The adoption of electric vehicles is rising in the country, and most of the key players operating in the market are undergoing research and development to launch competitive products in the market. Overall, this is leading to a rise in investments in electric vehicle manufacturing in the country, and government initiatives are also influencing such investments. So, in the coming years, the market is expected to witness multiple innovations in their products.”