Hyundai Motor Company plans to invest INR62bn (US$746m) to build an automotive hydrogen ecosystem in India, as the South Korean automaker looks to take a lead in the country’s transition to zero-emission vehicles, according to reports in South Korea.
Hyundai Motor India, one of India’s leading automakers, confirmed that it has signed a memorandum of understanding to build a “dedicated hydrogen resource centre” and other related projects in the Indian state of Tamil Nadu. This is in addition to the INR200bn announced last May to expand its battery electric vehicle (BEV) business in the country over the next decade.
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Hyundai’s aim is to develop a global hydrogen production hub in India, while making the green energy available for local transportation. The automaker will work with the Indian Institute of Technology in Madras to develop hydrogen-related technologies for the local market.
Hyundai is considering launching its Nexo hydrogen fuel cell-powered small car in the Indian market. It also plans to launch battery-powered versions of its Creta small SUV this year, with a view to selling up to 25,000 units annually.
Hyundai Motor India’s CEO Kim Unsoo said: “This collaboration with the state government goes beyond mere investment. It is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors our commitment to sustainability and a green future”.
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