Hyundai Invests 2k Cr for Rs 10 Lakh Hyundai Electric Car - TyreCafe

by Editor News


This Hyundai Electric Car could be a mini SUV or even a premium hatchback. The company might also export this car across the Middle East, Latin America, Africa and Asia.

hyundai-electric-car

Hyundai is planning to produce Rs 10-lakh electric car in India. It will spend over Rs 2,000 crore to develop this car and will manufacture it at its Chennai factory. This Hyundai Electric Car could be a mini SUV or even a premium hatchback. The company might also export this car across the Middle East, Latin America, Africa and Asia.

The government wants automakers to produce electric-vehicle plans as pollution worsens across Indian cities, and rising fuel import bills hit the national exchequer. As a result, Hyundai has planned to produce this car in India.

As part of all these plans in the electric space, Hyundai is also planning to have an electric battery facility in India on the lines of one developed by Suzuki and Toyota in Gujarat and is speaking to a wide number of potential partners.

The company is carrying out studies to determine a totally new and different product with all possible body types.

The company has recently launched its electric vehicle Kona SUV in India, but this has been priced at Rs 25 lakh and is not expected to have significant sales numbers due to its highly-priced tag.

Hyundai aims to have a large number of affordable electric models for wider sections of the market. “We want a price that should be acceptable to general customers, and is also aggressive,” Kim said. The company also plans to develop a supplier chain for this particular vehicle.

“Investment for a new car is around $200 million, but since this also comes with a new supply chain, it maybe $300 million (over Rs 2,000 crore) or more,” Kim said.

 

 
 

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