Hyundai Motor will invest $2.45bn in the Indian state of Tamil Nadu over the next decade to bolster electric vehicle (EV) production in the country. The investment includes the creation of a battery assembly unit with an annual capacity of 178,000 units and the installation of 100 EV charging stations. Hyundai also aims to increase production at its factory, which it said has the potential for an annual output of 850,000 vehicles, up from about 775,000 at present. The announcement came shortly after India’s federal government revealed plans to hike taxes on foreign-made vehicles, in a bid to encourage domestic production. The Indian EV market currently accounts for just 1% of national car sales, but the government has set a target of 30% by 2030.

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