Hyundai is developing an affordable compact SUV EV that will be locally produced and really kick-start the firm’s electric vehicle onslaught in India.
The firm plans to invest more than Rs. 3200 crores in the country in the next 4 years to expand its product portfolio which will include launching a series of electric vehicles.
Back in October 2020, it came to light that the carmaker will be launching an electric micro SUV, an electric compact SUV and another slightly bigger compact SUV EV (think Creta dimensions), all by 2022.
However, manufacturing EVs requires huge investments and the Hyundai compact SUV EV alone is set to cost the South Korean about a third of its total planned (for the next 4 years) investment cost.
At present, Hyundai is finalising localisation plans for its EVs and is said to be looking at exploring a partnership with Kia Motors India to keep costs down.
MD and CEO of Hyundai Motor India Seon Seob Kim has stated that electric mobility will be a critical component for growth in future. He also understands that EVs need to be affordable and offer a good driving range in order to have a wider appeal in India.
It is not known whether the Hyundai compact SUV EV will be developed from the ground up using the firm’s E-GMP architecture or if it is going to be based on an existing ICE model, a strategy followed by Mercedes for its EQ range of cars.
Currently, the carmaker has over 17 percent market share in India and currently sells the Kona Electric, which costs between Rs. 23.76 lakhs and Rs. 23.94 lakhs (ex-showroom, New Delhi).
By 2025, globally, Hyundai plans to have 44 electrified models and has set an annual sales target of 1.67 million units. The Hyundai Group will spend $40 billion (Rs. 2.89 lakh crores) to create new EVs and autonomous vehicles.
Source – ETAuto.com