Insta
After Launching India’s First e-SUV, Hyundai Set To Invest Rs 2,000 Crore To Develop Rs 10 Lakh e-Car For India
Swarajya Staff
Jul 16, 2019, 02:31 PM | Updated 02:31 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Days after it unveiled India’s first e-SUV, Hyundai has set sights on developing a Rs 10 lakh electric car for the Indian market, Times of India has reported.
The cars, which will be manufactured in the South Korean manufacturers Chennai facility, will also be exported to the Middle East, Latin America, Africa and Asia. The company is looking at investing close to Rs 2000 crore in the car’s development and production.
"Investment for a new car is around 200 million dollar, but since this also comes with a new supply chain, it may be 300 million dollar (over Rs 2,000 crore) or more," Hyundai India MD S S Kim said.
"We are carrying out studies to determine a totally new and different product, and this will be an India-dedicated platform," he added, saying that "all body styles are being evaluated."
The company is also looking at setting up battery facilities in India and is looking at collaborations with other electronics majors like LG and Samsung as well as possible Chinese partnerships. A similar battery facility is being setup by Japanese vehicle major Suzuki in Gujarat.
Hyundai has earlier announced its Rs 25 lakh Kona electric SUV in India making it the first e-SUV in India.
With conventional vehicle sales faltering in India as well as globally, several vehicle companies have turned their attention to design and development of e-vehicles. The Indian government on its part, offers attractive subsidies to people willing to shift to electric vehicles like income tax exemptions, lower GST rates among others.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.