Hyundai will unveil its first India-made EV at the 2022 Auto Expo to cater the entry-level EV buyers.
The electric vehicle revolution is going to have a fast-paced adoption in the Indian automotive industry. Manufacturers are on their toes to introduce mass-market EVs in the country. Hyundai was the very first manufacturer to launch a full-fledged EV in the country in the form of Kona EV. However, this very first EV from the South-Korean manufacturer made its way to India via the CKD route and is thus an expensive offering. With the increasing interest of Indian audience towards the Kona, Hyundai is now planning to launch more affordable mass-market EVs in the country.
The new mass-market Hyundai EV will make its debut at the 2022 Auto Expo.
The manufacturer is planning numerous electric-powered products under the “Smart EV” project. The first product under this umbrella is expected to be launched in the year 2022. According to a report by The Economic Times, Mr. S S Kim, MD, Hyundai (India), said, “The company has plans to localize as many parts for its upcoming EVs as its ICE vehicle, which is a massive 90%.” The manufacturer is also contacting various OEM suppliers to establish a sustainable ecosystem for EVs in India.
Mr. Kim further added that the company has already started with the research and development processes involved in making this mass-market EV a reality. Also, the brand is studying the market requirement to understand how much money an average Indian would be willing to spend on an EV purchase. A separate team is also working to gauge the most appropriate range and power output figures for this EV.
The very first product from the Smart EV project could be unveiled at the 2022 Auto Expo. It is expected to be the electrified version of the Venue SUV since Mr. S S Kim in 2018 revealed that a pure electric version of the Venue is under consideration. Talking of the already expensive Kona, it is about to get a price hike soon as a result of an increase in duties imposed on importing various parts of an EV. The customs duty for the knocked down kits of the EV will increase from 10% to 15%, while that on the battery cells will go up to 10% from 5%, which is levied currently.