Hyundai will invest Rs 1,4000 crore into developing its range of low-cost EVs for growing markets like that of India
Hyundai’s first electric vehicle for the Indian market has just gone on sale at an ex-showroom price of Rs 25.3 lakh. The launch of Hyundai Kona is an important milestone for the Japanese carmaker on its venture in the electric market. Beyond the first electric SUV, Hyundai has outlined its ambitious plan ahead to capture many spheres of the local electric car market in India. As revealed recently, the company will invest Rs 1,400 crore ($2000 million) into developing affordable EVs for the Indian market.
Hyundai just launched the Kona its first electric vehicle in India
S S Kim, Hyundai’s Managing Director, states that the company will build a new EV architecture for India market. The electric vehicle built on this architecture could be considered for export as well.
Hyundai’s plan for building India-spec affordable EVs has already commenced. In the early stage, Hyundai Motor India will work with mechanics from Namyang R&D Centre at the parent company to research and learn about the potentiality of the market as well as give insights into customers’ expectation and preferences. The preparation is expected to identify the optimal price range for the upcoming EV products.
In the future, the Korean manufacturer will develop a range of affordable EVs for the India market
As a part of the plan, Hyundai is also considering establishing a lithium-ion battery manufacturing facility in India in the next two or three years. Building a local manufactory is crucial for lowering the production cost and providing affordable models.
Also read - Hyundai Kona EV To Launch In India Later This Year, Will Have A Driving Range Of 350 km
It is reported that Hyundai will bring affordable EVs under the “Smart EV” program. Besides the domestic market, these models are also likely to be brought to other growing market as well. The first Smart EV product is expected to launch in the two or three years. “If we introduce mass-market electric vehicles in the next three years, we will probably need that kind of localised ecosystem,” said Mr Kim.