Hyundai set to build gigafactory in India?
Hyundai seems set to build a large-scale EV battery production plant in India. The Korean carmaker, through its Hyundai Global Motors, is one of fours firms that were awarded government incentives for advanced chemistry cell battery storage manufacturing in the latest round of bids under the government's performance-linked incentives scheme. While this is mainly meant to promote India as an export hub in this sphere, it should also simplify Hyundai's ambitious electrification goals for India.
Hyundai and Ola selected for Government PLI for battery production
In the first round of bids for incentives in the manufacturing of energy storage devices, i.e batteries for electric vehicles or storage systems for electricity grids and energy produced from renewable sources, Hyundai has been awarded subsidies in manufacturing batteries up to a cumulative capacity of 20 GW. Ola Electric also received approval to manufacture batteries to a similar capacity while Reliance New Energy Solar and Rajesh Exports were other firms to receive approval up to 5 GW while were waitlisted for the remaining 15 GW.
Mahindra and Mahindra's bid was waitlisted along with those from Exide, Amara Raja, Larsen and Toubro and India Power Corporation. The winning bids were selected on the bases of a scoring system that accounted for technical expertise and financial soundness, quality and cost were also considerations.
Hyundai India electrification plans
A 20 GW capacity gives Hyundai India enough incentive to manufacture batteries for its upcoming electric vehicles for the Indian market as well as for export. This should give the brand a distinct cost advantage over rivals like Maruti Suzuki and Tata Motors, who are also looking to set up battery manufacturing facilities in India. Hyundai has announced it will launch six electric vehicles in India. The wide-ranging electrification plan will see Hyundai launch EVs across the mass market as well as more premium models across body styles, including SUVs. The company has also confirmed it will bring its E-GMP electric architecture to India, starting with Ioniq 5. Eventually, these E-GMP cars could well see locally manufactured batteries being fitted to them with this latest development.
Also read,
Hyundai to launch 6 EVs in India by 2028, Ioniq 5 launch confirmed
Government announces performance-linked incentives for auto industry worth Rs 25,938 crore
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