South Korean automobile giant Hyundai Motors said on Wednesday that they are ready to invest $530 million (₹20 billion) to launch 6 e-vehicles in India.
The renowned South Korean company famous for its amazing cars, Hyundai, said on Wednesday that they are preparing for huge investments to launch six electric vehicles by 2028 in India, to make efforts into cleaning the country with some of the world’s most heavily polluted cities. They are the second-largest car manufacturer in India.
Hyundai is planning to launch affordable, premium and most importantly, eco-friendly electric cars. The 6 new EVs will include SUVs (Sport Utility Vehicles) and sedans. Tarun Garg, director sales and marketing of Hyundai Motors India, said a fresh start to the plan will be given by Hyundai’s first EV getting launched in India in 2022. Garg added that we (Hyundai Motors) want to be an important contributor to the EV story in India.
The vehicles will be carefully designed for India, and the huge investment of ₹20 billion will be used up in research and development to launch the 6 EVs. EVs are getting more popular across the globe due to strict emission rules implied by different governments, challenging the automobile manufacturers and hence indirectly encouraging them to make EVs for a change. For instance, the Indian government is aiming to bring the percentage of total EVs’ sales in the country to around 30% by 2030 although currently, it stands only at about 1% of the total vehicles’ sales.
In 2019, Hyundai launched its EV Kona in India, but the sales were so low that they had to stop its manufacturing. This was because the prices of Kona were too high and also, there were almost no charging infrastructures in the country. Garg said Kona taught the company how important it is to manufacture affordable EVs.