Hyundai Plans about Rs.3,200 Crore Investment for the Indian Market
Updated: Feb 21, 2021
The South Korean automaker, which would be completing 25 years in the Indian market has announced that it plans to invest about 3,200 crores over the period of the next 4 years.
About 1,000 crore investment is planned around the affordable and locally made electric car/cars. The company also says that it has options of driving the global EVs in India. Currently, Hyundai has Kona electric as their single electric car offering. The Kona uses the 39.2 KWh battery, which provides about 134 bhp @ 395 Nm Torque.
SS Kim, Managing Director, Hyundai Motor India, was quoted saying, “We should offer solutions that are affordable and reasonable. We are working on various studies in this aspect as we feel that electrification will be the main pillar of our operations in the future.”
Currently, the Indian market has started adopting the electric car way of life. Tata Nexon was the best-selling electric car in India for the previous year. One key factor for the success was that Tata Nexon was much more affordable than the Kona EV from Hyundai. India is also a modern manufacturing hub for Hyundai. At present Hyundai exports the cars produced in India to more than 80 countries. The cars are exported to parts of African, Asia Pacific, the Middle East, and Australia. This Investment will also help benefit the OEMs' manufacturing capabilities.
(This article was written by Aamir Ahmed, an auto zealot at heart, and rev-head by profession. You can connect with him at https://www.linkedin.com/in/aamir-ahmed-b0688423/)