Upcoming Hyundai Electric SUV Could Be A Sub-Rs. 10 Lakh Car – Report

Hyundai To Launch Tata Nexon EV Rival Electric Venue
For representation only

Hyundai is working on a new electric mini SUV, expected to debut internationally in 2022, which will launch in India as well

Hyundai Motor Company has big plans for the future regarding electric mobility. The South Korean car giant plans to have at least 16 fully-electric models in its lineup by 2025, and has also created the Ioniq sub-brand specifically for BEVs (Battery Electric Vehicles). The company is also planning to launch new EVs in India as well, starting with a mini SUV.

Hyundai’s official global EV strategy includes a few models which could be ideal for the Indian market, including a B-segment SUV (Tata Nexon  EV and Mahindra eXUV300 rival), and an even smaller A-segment CUV (similar in size to Ford Freestyle). The latter seems like the perfect choice for India, and we expect it to be Hyundai’s first EV in our market. The timeline for the arrival of this new EV isn’t provided though, but the debut window is provided for 2022.

In a price-sensitive market like India, it is extremely imperative to price a vehicle competitively. Maruti Suzuki, India’s largest carmaker, has been hesitant to step into the EV game due to this limitation. An electric vehicle costs significantly more than an equivalent petrol- or diesel-powered vehicle, primarily due to high manufacturing costs.

Hyundai BEV strategy

EV batteries aren’t manufactured in India, rather they have to be imported. Currently, a majority of EV manufacturers in India rely on battery imports from China. Setting up local manufacturing will help lower manufacturing costs, and consequently prices of electric vehicles as well. Once that happens, buying an EV would become a much more practical option than it is right now.

The EV infrastructure has also been steadily improving in our country, and the government is also working towards promoting EV purchases, via tax benefits and incentives. That said, considering the low demand for EVs in India at the moment, we expect this new electric CUV to be introduced in a few international markets before making its way here.

Upon launch (expectedly in 2023), the new Hyundai electric CUV will be a potential rival to Tata’s upcoming HBX electric. We expect the prices to begin around the Rs. 10 lakh mark. The company might also launch a long-range version model with a higher price tag, for people who want better driving range.