Hyundai invests US$530 million to introduce electric vehicles to India | Business and Economic News

The second-largest automaker in India will launch six affordable high-quality electric models, including SUVs and sedans.

South Korea’s Hyundai Motor Co. plans to invest 40 billion rupees ($530 million) in India by 2028 to launch six electric vehicles to promote clean driving in a country with some of the most polluting cities in the world.

Tarun Garg, Sales and Marketing Director of Hyundai Motor India, said that Hyundai Motor, India’s second-largest automaker, will launch its first electric vehicle (EV) in 2022, launching affordable and high-quality electric models, including sport utility vehicles ( SUV) and sedan. on Wednesday.

“We want to be a key contributor to India’s electric car story,” Gag told Reuters.

The Indian branch of Hyundai Motor stated in a press release that the investment will be used for research and development to launch six models.

Stricter emission regulations from various governments are pushing global automakers to invest in electric vehicles. It is estimated that by 2030, the sales of electric vehicles will increase from the current 2% to about a quarter of the total global car sales.

In India, electric vehicles account for less than 1% of total car sales, but the government’s goal is to reach 30% by 2030.

Promote electric

Hyundai Motor’s plan also came when Tesla Inc., the world’s largest electric car manufacturer Ready to launch its car in India And has been lobbying the government to reduce import tariffs on electric vehicles.

Hyundai joins competitors Tata Motors And Mahindra & Mahindra strongly support electric vehicles as it pushes automakers to switch to electric vehicles in India because it wants to reduce pollution and fuel imports. However, Maruti Suzuki, the country’s largest automaker, is betting on alternative fuels and hybrid technology, and expects to launch electric vehicles only in 2025.

Garg said that Hyundai’s electric vehicles are either built on the dedicated electric global modular platform (E-GMP) it plans to introduce to India, or on a modified platform that it currently produces gasoline vehicles.

He said that cars built on his dedicated electric platform have a range of up to 800 kilometers (497 miles), while other cars can travel 350 to 400 kilometers (217 to 249 miles) on a single charge.

The company launched the Kona EV in India in 2019, but sales were tepid due to the high price and insufficient charging infrastructure at the time.

Garg said that Kona taught the company the need to make its electric cars reasonably priced, while also offering different charging solutions.

Hyundai Motor is negotiating with suppliers to purchase and manufacture parts for its electric vehicles locally, which will help it reduce the price of the car. Garg said that in addition to providing home chargers, Hyundai also seeks to form a strategic partnership to provide public charging facilities.

“Kona is about testing the waters in India. The lessons learned from it give us confidence to advance this process,” he said.

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