- Hyundai is in talks with vendors in India to develop a parallel ecosystem for electric vehicles (EVs)
- Its current ecosystem, including the vendor base for traditional internal combustion engine vehicles, is based in Chennai
- Hyundai became the first company in India to introduce a long-range battery in its Kona sport utility vehicle (SUV)
Hyundai Motor Co. is developing affordable electric vehicles for the Indian market, a senior company executive said to Mint as the South Korean automaker plots to get a head start over its rivals in this nascent but potential growth market.
To push forward its plans, Hyundai is in talks with vendors in India to develop a parallel ecosystem for electric vehicles (EVs) in India, Seon Seob Kim, managing director and chief executive of Hyundai Motor India, said in an interview to Mint. Its current ecosystem, including the vendor base for traditional internal combustion engine vehicles, is based in Chennai.
The affordable electric vehicles project, underway in South Korea, is to develop the Smart EV platform that will spawn a range of vehicles for emerging markets like India.
Hyundai on Tuesday became the first company in India to introduce a long-range battery in its Kona sport utility vehicle (SUV), priced at ₹25.30 lakh. The Kona will soon face competition from MG Motor India, a unit of China’s SAIC Motor Corp., which is slated to offer its eZS electric SUV by the end of December.
Market scenario
So far, Mahindra and Mahindra Ltd has been the sole mass-market EV maker in India, though with limited volumes. Tata Motors Ltd has recently launched the EV version of its Tigor compact sedan that is aimed at commercial users. Maruti Suzuki India Ltd is expected to unveil the electric Wagon R, its first EV, in 2020.
Hyundai’s plans follow the Union government’s nudge to automakers to produce eco-friendly vehicles and its move to unveil incentives in this year’s budget to accelerate the adoption of such vehicles.
(News courtesy: Mint)
