Hyundai targeting INR 10 lakh price for first EV manufactured in India - Report

16/07/2019 - 17:00 Hyundai Smart EV, Hyundai Prashant Singh

The recently launched Kona Electric is too expensive for India and won't garner even four-digit sales volume a year. For the masses, Hyundai is planning locally manufactured electric vehicles, and the first of this lot is likely to cost ~INR 10 lakh, as per a new report from The Times of India.

Hyundai Kona Charging Copy — Hyundai will invest over INR 2,000 crore for the development of its first EV manufactured in India.

Hyundai will invest over INR 2,000 crore for the development of its first EV manufactured in India. The new EV will be manufactured in India at the Chennai plant and be exported to the Middle East, Latin America, Africa and Asia. It could be a mini-SUV, though all body types, including a B-segment hatchback like the i20 are under consideration at present. Young Key Koo, the former MD & CEO, of the company's Indian subsidiary, had said last year that the Venue could have a pure electric variant and that a pure electric car could follow it.

Hyundai India MD S S Kim, told TOI, “We are carrying out studies to determine a totally new and different product, and this will be an India-dedicated platform,” When asked if the EV could sit around the INR 10-lakh price point, he said, “Maybe, that is a target. Hopefully.”

Speaking more about the mass-volume affordable EV, “We want a price that should be acceptable to general customers, and is also aggressive,” Kim said.

In previous reports, Hyundai is also contemplating the prospect of setting up a Lithium-ion battery manufacturing plant in India which will be used for all its future electric vehicles. For the same, it is speaking to a number of potential partners such as Korean electronics giants like LG, Samsung SDI and SK Innovations, apart from some Chinese companies.

Hyundai wishes to build a supply chain for its future EVs. “Investment for a new car is around $200 million, but since this also comes with a new supply chain, it may be $300 million (over Rs 2,000 crore) or more,” Kim said.