Hyundai is developing a dedicated EV platform for spawning its mass-market electric vehicle for India in the next two years
Hyundai Motor India Limited (HMIL) introduced the Kona Electric, the country’s first zero-emission SUV, earlier this month for Rs. 25.3 lakh (ex-showroom) with 452 km driving range on a single charge. A couple of times already we had reported that Hyundai is working on expanding its EV portfolio in the coming years.
Not just in the global marketplace, but also locally Hyundai is readying itself for the switch to electrified vehicles in different segments across varying price range in the not-so-distant future. A key eco-friendly product waiting in the pipeline in just a period of two years is bound for mass-market customers.
S.S. Kim, Managing Director and CEO, Hyundai Motor India Ltd confirmed of the matter by saying that his company is transforming into a mobility solutions provider and is developing a dedicated EV platform for volume-based market for supplying vehicles to cab aggregator, Ola, with USD 300 million investment.
Hyundai Motor Group comprising of Hyundai and Kia made an investment of just over Rs. 2,000 crore in Ola, as the three brands have joined hands to build the country-specific EVs and infrastructure. The relationship will provide Ola drivers and owners several financial choices as well as peace-of-mind customer service and other support.
The Hyundai-Kia-Ola partnership will also spend their time on developing vehicles pertaining to the requirement of the ride-hailing cab market. S.S. Kim admitted that aggressively positioning Hyundai’s first mass-market entry is essential and that affordable pricing has to be there to attract customers.
This will be possible with high local content of battery and other related components. He further said local suppliers are not prepared for the segment as the volumes in the ride-hailing market is low. Next month, Hyundai will be launching the next-generation Grand i10 while a brand new Elite i20 and facelifted Elantra and Xcent are also in the works.
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