Hyundai Will Invest Rs 2000 Crore In India To Make Electric SUV Costing Less Than Rs 10 Lakh
Electric vehicles are on their way to replace vehicles run by petrol, diesel, and other fuels, and are clearly the future of the country. The Government is stressing on the need for electric vehicles, and has made clear its intentions in its budget plans too.
Sensing the rise in demand for electric vehicles is Hyundai who has already introduced India’s first ever electric SUV, Hyundai Kona.
Hyundai is now investing as much as Rs. 2000 crore to build an electrically powered car, which will also be affordable. Reportedly, Hyundai will be pricing the car at Rs. 10 lakh.
Will this also be another SUV? Or will it be a hatchback? Read on and find out!
Hyundai to Launch An Affordable Electric Car Priced Rs. 10 Lakh
Hyundai launched the country’s first-ever electric SUV, Hyundai Kona, which is priced at Rs 25.30 Lakh (ex-showroom) for single-tone paint and Rs 25.50 Lakh (ex-showroom) for dual-tone paint.
As this falls in the higher price range, the car manufacturer is planning to launch a car at an affordable price, which is Rs. 10 lakh.
Hyundai is conducting studies of all the types of cars, such as SUVs, and hatchbacks. There is a possibility that this car might be a mini SUV, which is the current talk of the town. However, the company is considering the design of a premium hatchback as well.
Hyundai India’s MD, S S Kim said that the company is in the process of carrying out studies to help narrow down to an absolutely new and unique product, and it will be a platform dedicated to India.
He said, “All body styles are being evaluated at present. The company recently launched its global electric vehicle Kona SUV in India, but this has been priced upwards of Rs 25 lakh and is not expected to corner significant sales numbers due to its premium tag.”
Hyundai To Invest Rs. 2000 Crore in The New Affordable EV
The company is thinking about investing more than Rs. 2000 crore for development of this car, which will be homegrown. The car will be built and manufactured in Chennai, and is planned to be exported to the Middle East, Latin America, Africa, and Asian markets.
Additionally, Hyundai is considering having an electric battery facility here in India.
For this, the company is contemplating and discussing the works with companies such as LG, Samsung SDI and SK Innovations, and some Chinese companies as well.
Indian Govt is aggressively pushing for Electric Vehicles in the country, and has invited all automobile makers to jump into this multi-billion dollar opportunity.
It would be interesting to observe, which manufacturer gains the first-movers advantage.
Stay tuned, as we will present the latest, most happening news related with Electric Vehicles, right here!