Hyundai is planning a small, low-cost electric vehicle for India, according to a report.

Hyundai Motor Co has started building a small electric vehicle for India though the automaker continues to focus on bringing more premium models to the country from this year onward, starting with the Ioniq 5. According to a Reuters report, Hyundai's various departments are currently working on developing a charging ecosystem, manufacturing and assembly process and sales network to bring in this electric car in the future.

Tarun Garg, Hyundai India's Director of Sales, Marketing, and Service, remarked, We have to look at as much localisation as possible in reference to sourcing and production of components locally to keep the cost of the models within budget. Garg, on the other hand, remained tight-lipped on when Hyundai hopes to deliver this inexpensive electric vehicle to the United States. He went on to remark that the timing has to be just right for the automaker to price the EV correctly. He continued, The ecosystem should be ready, and we should have adequate charging.

This little electric vehicle is part of Hyundai's larger ambition to invest 40 billion rupees in the country by 2028 in order to introduce six electric automobiles. Apart from the previous model, Hyundai is planning to introduce its Ioniq 5 electric vehicle, which is one of the company's premium models, to the Indian market this year. According to Garg, the manufacturer would gradually lower the price ladder as a result of this. The Hyundai Ioniq 5 will be available as a ready-to-drive model in India, and it will be built on the Electric Global Modular Platform (E-GMP). The Ioniq 5 EV is expected to have a range of 480 kilometres.

Hyundai plans to use a top-down approach in the electric vehicle market, as opposed to a bottom-up one in the internal combustion engine vehicle segment, according to Garg. He emphasised the importance of a widespread charging network as well as decreasing battery costs. Hyundai did launch the Kona electric vehicle in India in 2019, but it was mostly to test the market. The Hyundai Kona EV's sales were dismal, and the public charging system was non-existent at the time. Lessons learned from the Kona will be incorporated into the company's future EV strategy in India, Garg said.

You might also like