Tata to invest Rs. 4,000 Cr and Hyundai to invest Rs. 1,400 Cr to develop EVs for India
Tata to invest Rs. 4,000 Cr in a lithium-ion battery plant
According to a media report, Hyundai is planning to invest Rs. 1,400 crore to develop affordable electric vehicles (EVs) for the Indian market. This investment is expected to be made over the next 3 years.
The report states that Hyundai is planning to develop a new electric vehicle architecture for the Indian market. The company could export electric vehicles to emerging markets in the future. The carmaker has started studying the requirements of private buyers with respect to range and pricing.
The report also states that Hyundai could setup a lithium-ion battery manufacturing unit in the next 2-3 years. The company is currently in the process of evaluating the same.
According to a media report, the Tata Group is investing Rs. 4,000 crore in a lithium-ion battery plant. The new factory is likely to come up in the Dholera Special Investment Region (DSIR) in Gujarat.
It has been reported that the company has procured 126 acres of land and will be investing Rs. 1,000 crore in the first phase. The plant is expected to have a manufacturing capacity of 10 GW.
In the Union Budget for 2019, the government announced that battery manufacturing would be incentivised. Incentives are expected to be offered on manufacturing capacities up to 50 GW.
Hyundai to invest Rs. 1,400 Cr to develop EVs for India
It has been reported that the company has procured 126 acres of land and will be investing Rs. 1,000 crore in the first phase. The plant is expected to have a manufacturing capacity of 10 GW.
In the Union Budget for 2019, the government announced that battery manufacturing would be incentivised. Incentives are expected to be offered on manufacturing capacities up to 50 GW.
Hyundai to invest Rs. 1,400 Cr to develop EVs for India
According to a media report, Hyundai is planning to invest Rs. 1,400 crore to develop affordable electric vehicles (EVs) for the Indian market. This investment is expected to be made over the next 3 years.
The report states that Hyundai is planning to develop a new electric vehicle architecture for the Indian market. The company could export electric vehicles to emerging markets in the future. The carmaker has started studying the requirements of private buyers with respect to range and pricing.
The report also states that Hyundai could setup a lithium-ion battery manufacturing unit in the next 2-3 years. The company is currently in the process of evaluating the same.