With $2.45 Billion Investment in India, Can Hyundai Challenge China's EV Dominance?
Last week, South Korea's Hyundai Motor announced that it will invest $2.45 billion (roughly Rs. 20,000 crore) in Tamil Nadu over the next 10 years to bolster its electric vehicle ( EV ) production in India. SNE Research which provides global market research and consulting to the rechargeable batteries industry ranked Hyundai as the top sixth EV carmakers by sales in 2022. The Asian carmaker is ramping up its production capabilities as it aims to become one of the world's top three electric vehicle manufacturers by 2030. The South Korean car manufacturer whose brands include Hyundai, Kia and Genesis delivered 510,000 EV units last year, an increase of 40.9 per cent from 2021, according to SNE Research. First place went to China's BYD, which delivered 1.87 million units, followed by Tesla with 1.31 million units. Germany's Volkswagen and China's Geely took fourth and fifth places, respectively. CEO Jaehoon Chang told CNBC, "We are now developing two more pla...