Hyundai may invest Rs 15,000 crore in Tamil Nadu; aims to scale up EV manufacturing

South Korean carmaker Hyundai entered India's automobile market when it was growing after liberalisation, and its Santro became a common sight on Indian roads as the Indian middle class looked for its dream car. It had entered the market which had few others such as Tata and Maruti Suzuki, and set up its factory in Chennai in 1996.

Almost three decades later, the firm is reportedly considering a Rs 15,000 crore investment in Tamil Nadu, to scale up its operations.

Long-term goals in mind

The brand which behind the Santro and the now popular Creta, is willing to invest the amount over a span of seven to 10 years.

Hyundai already has its second-largest factory outside South Korea in Tamil Nadu's Sriperumbudur, where it can manufacture 7.4 lakh cars.

Planning clean mobility push

Reports of the plans to scale up investments have surfaced at a time when Hyundai is aiming to become the top electric vehicle manufacturer by 2030.

The Korean car brand is hoping to scale up its volume in the e-car market to more than 36 lakh by the end of this decade, with combined sales of Hyundai, Kia and Genesis.

With two Hyundai electric models already cruising through Indian roads, the firm is also focusing on producing fuel cell vehicles for hydrogen-powered mobility.