Hyundai lines up Rs 4,000 crore investment to drive in 6 EVs in India by 2028

#Auto, #Business, #Companies, #EV, #Hyundai

Source: Reuters

South Korean auto major Hyundai plans to invest around Rs 4,000 crore to drive in around six electric vehicles in India by 2028.

The company is planning to roll out a mix of models based on its existing range as well as completely new vehicles based on its global platform ‘E-GMP’ over the next few years.

In an interaction with PTI, Hyundai Motor India MD & CEO S S Kim said that the company is gearing up to expand its presence in the EV space in the country in a big way with the first of the six new products being expected to debut next year.

The company would invest around Rs 4,000 crore in the R&D towards the six-model line up till 2028.

”As we continue to redefine the mobility space, today we are yet again showcasing our commitment towards Indian customers with the announcement of expanding our BEV line-up to six vehicles for the Indian market by 2028,” Kim said.

The company is taking experiences beyond mobility and are strongly focusing on intelligent technology, sustainability and innovation, he said.

”Keeping in line with this thought, we will introduce our dedicated BEV Platform – E-GMP as well as modified platforms for battery electric vehicles in India,” Kim noted.

The company’s line-up of six BEVs will cater to multiple segments including mass market and mass premium segments in India, according to Kim.

The automaker would also introduce the BEVs in different body styles, including SUV body shape by 2028, thereby offering a wide range of models for customers to choose from, Kim said.

The company’s E-GMP platform has the capability to feature a large battery capacity of up to 77.4 kWh. It also offers 2WD and 4WD capabilities, improved handling and capability to achieve a top speed of 260 km/h.

When asked about the timeline of the launch of the first product under the new programme, Kim noted: ”This year is over, there are only a few days left. Hopefully, from next year”.

Hyundai already sells one EV model, Kona Electric, in the country.

Kim noted that Hyundai is looking at developing a complete ecosystem for electric vehicles in the country and is currently focusing on ways to localise production processes.

Besides, efforts are on to locate the right set of partners for charging infrastructure as well as other related activities, he added.

”Our R&D team along with the procurement department has done some market research. We are trying to explore some partnerships with local suppliers….we have shortlisted some candidates and we are reviewing their capabilities,” Kim said.

The EV production would happen at the company’s Chennai-based plant, he stated while adding that in the initial phase major components like batteries could be sourced from abroad.

”We are having discussions with many global battery players in China and South Korea. It is still not clear whether local manufacturing will happen here in the next few years. I hope in a few years it will be manufactured here” Kim said.

He noted that the EV segment is currently small in the country but is expected to grow over the next few years.

In India, the EV sales are less than one cent of the total sales but customers will understand the benefits of the EV and the sector would grow eventually, Kim stated.

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