Hyundai Motor to set up around 600 fast public EV chargers

Hyundai Motor India (HMIL) informed that it aims to install nearly 600 public EV fast charging stations across the country in the next 7 years.

The auto manufacturer will have a network of 50 fast public charging stations by the end of December 2024. This initiative underscores HMIL's commitment to fostering sustainable mobility and is poised to play a pivotal role in India's transition to cleaner energy, stated Hyundai in an exchange filing.

To date, the company's charging network has facilitated approximately 50,000 charging sessions, dispensing over 7.30 lakh units of energy to more than 10,000 Hyundai and non-Hyundai EV customers.

HMIL has also signed an MoU with the Tamil Nadu government to set up 100 EV charging stations across the state by 2027, promoting and accelerating the early adoption of green mobility in the state. Out of these, 10 stations will be operational within the calendar year 2024. All EV customers in Tamil Nadu can access these 24x7 charging stations conveniently through myHyundai app.

Currently, three charging stations are fully operational at Spencer Plaza and BSR Mall in Chennai, and Hotel Seasons in Tiruvannamalai. The remaining 7 charging stations will be fully operational shortly.

Jae Wan Ryu, function head - corporate planning, HMIL, said, The EV market is expected to grow robustly by 2030. Studies conducted by HMIL have highlighted that customers are apprehensive about driving their EVs for long-distance commutes on highways due to a lack of charging infrastructure.

Keeping this in mind, HMIL has taken the initiative of installing fast EV chargers on key highways, in addition to major cities. With access to HMC's global EV and battery technology, HMIL is well-positioned to build a comprehensive EV ecosystem in India. We are actively investing in infrastructure to support the expected growth in demand for electric vehicles."

Hyundai Motor India is a part of the Hyundai Motor Group, which is the third largest auto original equipment manufacturer (OEM) in the world based on passenger vehicle sales in CY23. Manufactures and sells reliable, feature-rich, and innovative four-wheeler passenger vehicles backed by the latest technology. Additionally, parts such as transmissions and engines are also manufactured.

The car manufacturers consolidated net profit decreased 15.54% to Rs 1,375.47 crore on 7.5% slide in revenue from operations to Rs 17,260.38 crore in Q2 FY25 over Q2 FY24.

The scrip slipped 1.62% to currently trade at Rs 1,830.75 on the BSE.

Powered by Capital Market - Live News