Electric VehicleIndia

Tamil Nadu targets $6 billion investment in EV sector

Date: 21/Jun/2023

Chennai, Tamil Nadu: Tamil Nadu has announced its goal of attracting $6 billion in investment to propel the growth of the electric vehicle (EV) sector. TN state government is working with the World Economic Forum to establish itself as a global leader in electric vehicle (EV) manufacturing, generating 1.5 lakh new jobs and attracting $6 billion in investments. The $6 billion investment target in the electric vehicle sector is expected to create numerous job opportunities and spur economic growth in the state. It will not only attract large-scale manufacturing projects but also foster innovation and entrepreneurship in the electric mobility space.

The state government has laid out a comprehensive roadmap to develop infrastructure, enhance manufacturing capabilities, and encourage research and development in the EV sector.

The focus of a closed-door round-table meeting in this respect, which was presided over by Industries, Investment Promotion, and Commerce Minister TRB Rajaa, was on transforming Tamil Nadu’s strong ecosystem for the manufacturing of automobiles and auto components to welcome EV producers. Rajaa spoke at the event and talked about the new “Tamil Nadu Electric Vehicles Policy 2023,” which encourages and entices investors to help the state’s thriving EV ecosystem. He stated that “In order to accelerate TN’s rise as a global hub for EV manufacturing the cities like Chennai, Coimbatore, Trichy, Madurai, Salem, and Tirunelveli have been designated for development as electric vehicle hubs”.

Under the new initiative, the government plans to attract both domestic and international companies to invest in various aspects of the electric vehicle ecosystem. This includes manufacturing facilities for electric vehicles, batteries, charging infrastructure, and research and development centers focused on electric mobility technologies.

Gopalakrishnan CS, Chief Manufacturing Officer, Hyundai Motor India Ltd, declared that “Hyundai would be a dedicated partner in achieving Tamil Nadu’s goal of being a national leader in the EV industry”.  The name “EV Capital of India” now refers to Tamil Nadu, which over the past five years has been India’s top location for EV manufacturing. Notably, the state attracted investments in electric vehicles worth approximately Rs 24,000 crore during the Covid-19 epidemic, creating close to 48,000 jobs.

According to a press statement from the guidance department Industries Home Secretary P Amudha, Secretary S Krishnan, Managing Director of Sipcot  E Sundaravalli, Guidance Managing Director and CEO Vishnu Venugopalan, FaMe Tamil Nadu Managing Director of Tamil Nadu Skill Development Corporation J Innocent Divya, Executive Director Grace Lalrindiki Pachuau, CEO of Tamil Nadu Startup and Innovation Mission Sivarajah Ramanathan; Lead, Moving Emerging Market, World Economic Forum Jasmeet Khurana and Lead, Moving India, World Economic Forum Pramoda Gode, were present. 

Back to top button