Hyundai Motor India Ltd on Tuesday said it has achieved up to 92% overall localisation in manufacturing and over 1,200 key components and electric vehicle battery packs have been locally manufactured.
The company and Mobis India Ltd have started local assembly of battery packs at a newly commissioned facility within its Chennai manufacturing facility, with the newly launched CRETA Electric becoming the first model to come equipped with locally assembled battery packs from the plant, Hyundai Motor India Ltd. said in a statement.
HMIL's localisation efforts have led to forex savings of $672 million (over Rs 5,678 crore) since 2019, and fostered direct employment opportunities for over 1,400 people, it added.
"HMIL's indigenisation efforts are deeply in sync with the Government of India's 'Atmanirbhar Bharat' and 'Make-in-India' initiatives, and our localisation strategy strives to constantly leverage India's rich resources, skilled workforce and advanced engineering prowess, to develop world-class technology domestically," HMIL Whole-time Director and Chief Manufacturing Officer Gopalakrishnan Chathapuram Sivaramakrishnan said.
The company said its battery assembly plant has an annual capacity of 75,000 battery packs in phase I. It can assemble a diverse range of battery packs, including NMC (Lithium-Nickel-Manganese-Cobalt Oxide) and LFP (Lithium-Iron-Phosphate) batteries.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
