Hyundai India is all set to give close rival Maruti tough competition by launching an electric vehicle in India. The car major will reportedly invest over $1 billion in India over the next three years, including funding for local assembling of Kona electric SUV, which will roll out in 2019. The Korean company also looks to bring in an electric version of its Xcent entry sedan.
India's second-biggest passenger vehicle maker, Hyundai India has been carrying out feasibility studies around electric mobility. “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,” said India MD & CEO YK Koo. The group intends to launch nine models, including upgrades, and build a large headquarters in Gurgaon. “We will invest $1 billion for this.”
Koo said that even though companies introduce electric models in India, considering the government's aggressive initiative towards clean technology, there is a need to address critical issues like establishing a charging infrastructure. “We are waiting for a roadmap on the front of support infrastructure,” he said. He also added that the government needs to bring down duty on electric vehicles from existing 12 per cent. The CEO said his company wants to increase its share in the country, and will introduce new models and upgrades towards the end.
Hyundai's current share in the Indian passenger vehicle market is around 17 per cent. It sold around 6,80,000 vehicles last year.
