Hyundai to invest Rs 2,000 crore to develop Rs 10-lakh electric vehicle in India

While the Indian government is promoting the use of electric vehicles, Hyundai to spend over Rs 2,000 crore to develop Rs 10-lakh electrical automotive in India. The car is likely to be manufactured at Hyundai's Chennai manufacturing unit.

According to Economic Times, the automotive may very well be a mini SUV, although completely different physique sorts comparable to a premium hatchback, are additionally being thought of. It should even be exported throughout Center East, Latin America, Africa and Asia. Keeping in mind the rising fuel import bills impacting the national exchequer and pollution, the company is working for cleaner mobility, in fact, the government is also pushing automobile companies to work out serious electric-vehicle plans.

As part of aggressive plans in the electric space, Hyundai is also looking at having an electric battery facility in India and is speaking to an array of potential partners. These include Korean electronics giants like LG, Samsung SDI and SK Innovations, apart from some Chinese companies, Hyundai India MD S S Kim told the Economic Times.

The company is also planning to develop a supplier chain for its ambitious vehicle. "Investment for a new car is around 200 million dollar, but since this also comes with a new supply chain, it may be 300 million dollar (over Rs 2,000 crore) or more," Kim further added. When asked about if the car is being developed around the Rs 10 lakh price point, he replied, "Maybe, that is a target. Hopefully."

Hyundai recently launched its global electric vehicle Kona SUV in India, but this has been priced upwards of Rs 25 lakh. The car is the first fully-electric SUV in India.

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