Hyundai And Kia Invested Rs 11 Crore For Developing Electric Vehicles

The South Korean carmaker Hyundai along with its subsidiary brand Kia has announced their plan to invest Rs 11 crore in a London based start-up for the development of new EVs. Their main plan is to build all-new electric cars, rather than converting internal combustion-based cars into electric ones. All the three companies gave a joint statement "Generation 2 vehicles are assembled using small footprint micro-factories, located in areas of demand and profitable at thousands of units."

Their main plan is to build all-new electric cars, rather than converting internal combustion-based cars into electric ones

While Kia and Hyundai function with a shared ownership structure, both the companies differ in their market strategies and target demographic. Albert Biermann, Hyundai’s research and development head, said, "The eco-friendly vehicle market in Europe is expected to grow rapidly due to reinforcement of environmental regulations". He also added, "This strategic partnership will empower our companies to scale Generation 2 electric vehicles globally".

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According to Arrival, its models will be priced in the same range as the current ICE-powered vehicles, thus making it easier for consumers to switch from petrol/diesel vehicles to electric vehicles. They have employed 800 workers globally, and have set-up offices in countries like Western Europe, United States of America, Israel, and Russia. Hyundai retails around 4.5 million vehicles in a year worldwide. On the other hand, Kia sells 3 million vehicles in the same period. Both the carmakers currently manufacture a range of electric and hybrid vehicles, most of which will probably be phased out in the near future.

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Kia will retail the Carnival MPV in three different variants namely- Premium, Prestige and Limousine

In other news, Kia will launch the Carnival MPV into the Indian market on 5th February at the Auto Expo 2020. It will be offered in various seating configurations starting from 7 to 9. Moreover, Kia will retail the MPV in three different variants namely- Premium, Prestige and Limousine. Once launched the MPV will rival with the likes of Toyota Innova Crysta.