Electric Vehicle

India: Hyundai working on affordable EV for India with 1000 crore investment

Hyundai will be investing more than ₹3,200 crores(INR 32 billion) in India over the next four years. Hyundai will also bring in new electric vehicles as part of its new strategy that includes an enhanced focus on green mobility to fortify its operations in India. Out of the overall investment, Rs. 1,000 crore will go toward the progress of a new inexpensive EV. The company is working to finalize its localization strategy for electric vehicles and could also consider teaming up with sister company Kia Motors as part of that endeavor.

The future Hyundai electric-powered car or truck is envisioned to be a mini-SUV. There are a lot of rewards available for EVs in India, like lower GST, and several points out governments waive the highway tax and registration charges as well. That, along with local production, will let the producer cost the car competitively.

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