The company — the country’s second-biggest passenger vehicle maker after Maruti Suzuki — has been carrying out feasibility studies around electric mobility and feels that it is time to introduce, and expand its portfolio in the clean-energy space
Hyundai India is set to pip close rival Maruti in launching an electric vehicle in India. The Korean car major will invest over $1billion in India over the next three years, including funding for local assembling of Kona electric SUV to roll out in 2019, a year before Maruti Suzuki launches its electric vehicle.
YK Koo, MD & CEO
Hyundai will also look at bringing in an electric version of its Xcent entry sedan as well as Ioniq mid-size, India MD & CEO YK Koo told TOI here. The company — the country’s second-biggest passenger vehicle maker after Maruti Suzuki — has been carrying out feasibility studies around electric mobility and feels that it is time to introduce, and expand its portfolio in the clean-energy space. “We will be launching electric vehicles in India from next year. We feel it is appropriate to begin with SUVs and thus Kona will be assembled from completely-knocked down kits,” Koo said.
The company plans to launch nine models, including upgrades, as well as construct a large headquarters in Gurgaon. “We will invest $1billion towards this end.” The Kona is already on sale in US, Australia, UK and Korea, but only with petrol and diesel variants. An electric version is yet to be launched internationally.
Koo said while companies introduce electric models in the country in line with the government’s push towards clean technology, there is a need to address critical issues such as establishing a charging infrastructure. “We are waiting for a roadmap on the front of support infrastructure.” The Hyundai India chief also said the government needs to bring down duty on electric vehicles from existing 12% (which though is the lowest in the automobile industry at present). “There is scope for more.”
Koo added that the government should look at giving an impetus to intermediate technologies such as hybrids to ensure that existing petrol and diesel cars become more efficient and cleaner. He said Hyundai wants to increase its share in India, and will be introducing new models and upgrades. Its current share in the Indian passenger vehicle market is around 17%.
India is the third-biggest market for Hyundai globally, behind China and the US (outside home market Korea), and its share in the company’s global revenue is around 15%. The company sold 6.8 lakh vehicles last year (including exports)
Courtesy: ET Auto
