Hyundai Motor Group announced on March 13 that it has signed a term sheet for the potential acquisition of Genral Motors (GM)'s plant in Maharashtra, India. The South Korean carmaker has just become the first OEM to install DC ultra-fast charging stations on highways in India.
Hyundai said it has proposed to buy GM's assets in India following the American carmaker's exit from the Indian market in 2017. The deal, which is not finalized, needs to obtain "regulatory approvals from relevant government authorities and all stakeholders related to the acquisition," said Hyundai.
Earlier in 2019, GM agreed to sell the Maharashtra plant to China's Great Wall Motors but the deal with the Chinese carmaker fell through as Indian authorities increased scrutiny of investment from China, according to Reuters.
The plant will likely become Hyundai's second plant in India as the carmaker plans to launch six electric vehicles in the country by 2028.
Starting in February, Hyundai's newly-installed DC ultra-fast public charging EV stations on two key highways connecting Delhi with Chandigarh and Hyderabad with Vijayawada have started operation. Hyundai officials said these charging stations are the "industry first" of its sort in India.
Hindustan Times reported that Hyundai plans to set up a total of 10 ultra-fast public charging stations during the first half of fiscal year 2023 across India's major cities and highways, including Delhi, Mumbai, Chennai, Bangalore, and Hyderabad.
According to a Hyundai Motor India executive, customers will be able to seek help from trained marshals at these public charging stations, and the service should "enable peace of mind for inter- and intra- city travel."
