"We are in the process of developing a mass-market EV, which will be an affordable product for the Indian customer. We will introduce the vehicle in the next two years. It will be a made-for-India and made-in-India product, which could be exported to other markets where it fits the requirements.”
For the first time, Hyundai has revealed that the new EV will be a ground-up SUV. Despite being initially developed for electrification, the platform is so flexible that the car can also be available with traditional fossil-fuel or hybrid motor options as well. Expecting to launch the EV in India by 2022, the automaker claims that negotiations and discussions on the new EV are underway with potential suppliers in the EV segment.
The Hyundai EV is expected to be launched in India by 2022.
Commenting on the electric SUV’s expected price range, Kim stated,
"It is too early to determine the price range, but when it comes to mass-market, our focus is on real-world driving range. It will be above 200km and anywhere between 200 and 300km."
Although the Hyundai Kona has experienced considerable success with the Kona EV, with 331 units sold in eight months, its price of INR 23.7 lakh (due to its CKD origin) has put many EV enthusiasts off. The MG ZS EV and the Tata Nexon, which are priced at INR 20.88 lakh and INR 14 lakh, respectively, have managed to entice customers more than the Hyundai EV.
As the EV segment becomes more and more aggressive these days, Hyundai needs to look for ways to offer its vehicles with a higher level of localization. Moreover, the company also has the intention of establishing a battery-manufacturing plant in India as well. The carmaker is also going to transform its business into 'Mobility as a Service’ as a way to increase its competitiveness in the EV market.