CHENNAI: Passenger car maker Hyundai is planning to surge ahead of its rivals in introducing an electric car in the Indian market in 2019 by investing Rs 7,000 crore in expanding its facility in Chennai.
BC Datta, vice-president of corporate affairs at Hyundai told Express, the company would be increasing the plant’s capacity to 1,00,000 units, including the production of 50,000 Completely Knocked Down (CKD) vehicles.
This comes after managing director and chief executive officer of Hyundai Motor India Limited, Y K Koo, with Datta and N Ramesh, assistant vice-president (Finance) of Hyundai, met Chief Minister Edapaddi K Palaniswami on Monday.
Datta said that while the company’s rivals were planning to introduce the first electric car in the Indian market by 2020, Hyundai was likely to introduce its new electric car model by 2019 itself.
Seeking further incentives from the State government, Datta said the Memorandum of Understanding would be signed during the second edition of the Global Investors Meet (GIM) from January 23-24.
It is learnt that Hyundai is planning to produce more than 10 models, including electric vehicles, in the plant in the first stage.
“This will increase the production from 7,00,000 units at present to 8,00,000 units,” said Datta. The focus on manufacturing electric cars comes in the wake of Niti Aayog planning to have zero emission levels by 2030, he said.
“We are seeking power, water and infrastructure to be provided by the State. We are also seeking improvements in the road and rail network. We have been requesting for Tiruvallur and Singaperumal rail link. This has been only on paper,” he rued.
Meanwhile, the industries department is keeping under wraps the investments being generated by TN, saying they will be revealed during GIM.