Hyundai commitment towards a sustainability and a green future sees the company earmark an additional Rs 6,180 crores investment in Tamil Nadu
Tamil Nadu Global Investors Meet 2024 held on January 7 and 8, at Chennai Trade Centre has wooed investors from various segments and from across the globe. It was at this meet that Hyundai Motors, a leading automaker in India, has announced investment to the tune of Rs 6,180 crores in Tamil Nadu and an MoU to this effect was also signed between Hyundai Motor India and Guidance Tamil Nadu.
Hyundai Signs MoU of Rs 6,180 Crore Investment in Tamil Nadu
The MoU was signed between Mr. Unsoo Kim, MD and CEO, Hyundai Motor India Limited and Mr. V Arun Roy, IAS., Secretary to Government, Industries Department, Government of Tamil Nadu. Thiru M K Stalin, Hon’ble Chief Minister of Tamil Nadu, Thiru Piyush Goyal, Hon’ble Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, and Dr. T R B Rajaa, Hon’ble Minister for Industries, Investment Promotion and Commerce were present at the signing.
Along with this investment and signing of MoU, Hyundai also signed another MoU with IIT Madras to set up a dedicated ‘Hydrogen Valley Innovation Hub’. The auto maker also showcased its fuel cell electric vehicles at the NEXO and ADAS Experience Zone at the show.
Out of this investment of Rs 6,180 crores in Tamil Nadu, Hyundai Motors has set apart Rs 180 crores towards a Hydrogen Valley Innovation Hub along with IIT Madras. This is in addition to Rs 20,000 crore investment which will be spread over 10 years in the development of electric vehicles, setting up of charging infrastructure and generating employment and developing skill in the region.
Hyundai has been specially concentrating on investments in Tamil Nadu over the past 27 years. With this new investment, the company continues to show their support towards the state, both in terms of socio economic development and self-reliance. Hyundai continues to pay special attention to project the state of Tamil Nadu in terms of the hydrogen technology ecosystem in its aim towards achieving a milestone of becoming a $1 trillion economy.
Hyundai Showcase Fuel Cell Electric Vehicles
Hyundai Motor and Kia are set to incorporate advanced PEM technology into next-generation fuel cell systems for passenger cars. Apart from passenger vehicles, the company is also actively expanding its fuel cell business to include commercial vehicles, marine vessels, aerospace applications, power generation, etc.
Hyundai recently showcased its Fuel Cell Electric Vehicles (FCEV) NEXO and Advanced Driver Assistance Systems (ADAS) Engagement Zone at Tamil Nadu Global Investors Meet 2024. NEXO is the company’s initiative towards a cleaner and greener environment with hydrogen fuel cell engine generating electricity. It combines oxygen with compressed hydrogen to emit only water. Visitors to the show were also shown Hyundai SmartSense (Level 2 ADAS) technology which has been integrated and demonstrated using an immersed experience with Gaming.
