South Korean auto giant Hyundai Motor Co. on Thursday (18 April) stated that apart from launching hybrid vehicles in the country, it will also explore opportunities to manufacture particular electric vehicle (EV) components in India, reports Mint.
“The procurement division of our parent company is studying the possibility with some of the suppliers for manufacturing components of electric vehicles in India. We also have our hybrid vehicles in South Korea and the US, and will bring them to India when the market is ready," said Seon Seob Kim, managing director the company’s India unit.
Kim added that Hyundai might launch its first electric vehicle in India this year itself (2019). The EV will be assembled in the company’s Chennai plant out of the imported knock-down (CKD) components.
Hyundai, which recently unveiled its first sub-four-metre compact utility vehicle Venue, is looking to challenge Maruti Suzuki's preeminent position in the segment.
“We will have a meaningful contribution in this segment with this new product and, with the overall SUV (sport utility vehicle) segment growing, we will look to take leadership position. This segment attracts a lot of young customers, and with Hyundai’s entry, this segment will also expand," added Kim.
Recently the government launched the second iteration of its Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) scheme with an outlay of Rs 10,000 crore. It aims to boost electric mobility and increase the number of electric vehicles in commercial fleets.