Hyundai Motors Working on Compact

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Hyundai Motors Working on Compact
18 Jun 2022
min read

News Synopsis

South Korea's Hyundai Motor is focusing on developing small electric vehicles for India along with focusing on bringing more premium models to India this year, an executive told Reuters on Thursday.

In an interview, Hyundai's director of sales, marketing, and services in India, Tarun Garg, addresses issues such as the charging ecosystem, distribution networks, manufacturing, and the types of assembly processes that automakers should have. 

Referring to sourcing and producing components locally to control costs and keep the cars affordable, Garg said, “We have to look at as much localization as possible.” Small electric vehicles are part of the company's broader plan to invest Rs 40 billion ($ 512 million) to launch six electric vehicles in India by 2028, making a driving push in a country with some of the most polluted cities in the world.

Hyundai will launch premium models this year until the introduction of small electric vehicles, starting with the Ioniq 5 electric crossover and gradually lowering the price chain.

Hyundai launched the Kona EV in India in 2019, primarily to test the market, but sales were sluggish due to high prices and very little public charging infrastructure. Mr. Garg said his lessons learned from Kona would lead to its future EV strategy in India.

 

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