Hyundai Motor India is set to invest Rs 4000 crore to launch about six electric vehicles (EVs) by 2028 as the company will embark on a series of targeted product interventions.
The first of these six products, which will be covering both premium and mass segments, will be available in the country from early next year onwards.
“Our six battery EVs will cover various segments. Our future electric vehicle business should outperform... existing performance in the general (internal combustion engine) market,” SS Kim, managing director of Hyundai Motor India, was quoted in a report by the Economic Times.
Kim said that the high-speed electrification of the automotive sector has become a reality with EVs occupying about one-fifth of the total share in certain markets.
The Hyundai MD said that the company is looking to roll out affordable EV solutions that are tailor-made for the customers in India. The senior executive added that the company's focus area with respect to the future EV product line-up is to introduce ‘mass market’ EVs that are fast-charging and durable for long ranges.
According to HIS Markit, the EV sales in Indian market will shoot up at a compounded annual growth rate (CAGR) of 53 per cent to 175,000 units in 2028 as compared to 6,000 units in 2020.
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