Hyundai to place Rs 1.4k cr in India for EVs, Auto Information, Automobilnews
New Delhi: South Korean auto main Hyundai will make investments about Rs 1,400 crore ($200 million) over the subsequent three years to develop reasonably priced electrical autos for the Indian market.
The corporate would use the assets to develop a devoted electrical automobile structure for native prospects, mentioned Hyundai Motor India managing director SS Kim. The autos may at a later stage be exported to rising markets from India.
Hyundai Motor India, together with engineers from the Namyang R&D Centre (South Korea), has already begun research to evaluate the necessities of personal patrons to find out the optimum vary and value factors for such merchandise.
Kim was talking on the sidelines of the launch of the carmaker’s long-range SUV Kona Electrical priced at Rs 25.three lakh (ex-showroom, India). He additionally mentioned that personnel within the firm’s procurement division are within the means of assessing the enterprise and technological capabilities of potential companions.
Hyundai itself is evaluating the prospect of establishing a lithium ion battery manufacturing unit within the subsequent two to 3 years. “If we introduce mass market electrical autos within the subsequent three years, we are going to in all probability want that type of localised ecosystem,” Kim mentioned.