TN aims to attract $6 bn in EV investments in next 5 yrs

Chennai Tamil Nadu is committed to generating $6 billion worth of investments over the next five years in the electric vehicle industry, Minister for Industries TRB Rajaa said on Friday.

The government was also keen on creating 1.50 lakh new employment opportunities over the next five years in the EV space, he said at an event here. The revised 'Tamil Nadu Electric Vehicles Policy 2023' incentivises and attracts investors to strengthen the state's flouring electric vehicle ecosystem, he said.

Rajaa made those comments at a closed-door Roundtable Discussion on Tamil Nadu: Making of the Next Global EV Manufacturing Hub. Top government officials, executives representing major companies including those engaged in the electric vehicles industry, and electric vehicle component manufacturers took part. The round table meeting discussed various topics in the electric vehicle segment including strategies to position Tamil Nadu as a global leader in EV manufacturing, adapting robust automobile and auto-components manufacturing ecosystem to embrace EV manufacturers, expanding opportunities for micro, small, and medium enterprises and entrepreneurs in the EV sectors among others.

The government of Tamil Nadu is committed to securing $6 billion in investments and creating 1.50 lakh new employment opportunities within the EV sector over the next five years, Rajaa said. Six cities including the State capital, Coimbatore, Tiruchirappalli, Madurai, Salem, and Tirunelveli have been earmarked for development as EV hubs, he said.

Auto major Hyundai Motor India would be a committed partner to realise the vision of Tamil Nadu to become a preferred electric vehicle hub in the country, company chief manufacturing officer Gopalakrishnan CS said. "We believe that the upcoming action plans will drive quicker adoption of EVs while balancing measures on the supply and demand sides and charging infrastructure in the State," he said.

The government of Tamil Nadu has already unveiled a new electric vehicle policy 2023 with various incentives and offers. This positive move sets the tone for all future business opportunities, he said. Today's CEO-Ministerial dialogue has certainly presented an open communication platform for all stakeholders to exchange their views, he said. "Hyundai is one of the largest (automobile) manufacturers and will be a committed partner to realise Tamil Nadu's vision to become a preferred EV hub in the country," he said.