Hyundai To Invest Rs. 2,000 Crore To Make An Affordable EV For India: Report

Hyundai has recently launched the Kona electric in India and at a price tag of Rs. 25.30 lakh, it is quite expensive, but we've told you that it is in tune with the prices in the global market. However, Hyundai is watching this space very closely and the Kona EV is just the tip of the iceberg. According to a report in the Times Of India, Hyundai is planning to drive in a Rs. 10 lakh electric car in India. For this it will spend over Rs. 2,000 crore which will be spent on the development of the car as also manufacturing it at its Chennai factory.

Hyundai India MD S S Kim told TOI, "We are carrying out studies to determine a totally new and different product, and this will be an India-dedicated platform. All body styles are being evaluated at present. The company recently launched its global electric vehicle Kona SUV in India, but this has been priced upwards of Rs 25 lakh and is not expected to corner significant sales numbers due to its premium tag."

The Kona Electric was launched in India at a price tag of Rs. 25.30 lakh

The car could be a mini SUV, considering that it's one of the trending segments globally though other body types such as a premium hatchback, are also being considered. The company is considering exporting this electric car too and it is looking at the Middle East, Latin America, Africa and Asian markets. According to the report, Hyundai is also looking at having an electric battery facility in India and is speaking to an array of potential partners like LG, Samsung SDI and SK Innovations, apart from some Chinese companies.

But it's all about making an affordable EV and that's exactly what Hyundai is aiming to do. "We want a price that should be acceptable to general customers, and is also aggressive," Kim said. He further went on to state that the target is to price the new electric car around Rs. 10 lakh and that might just help Hyundai gain significant ground not only in India but also in global markets.