Hyundai Motor Company (KRX: 005380) is batting for the Indian electric vehicle market, announcing today a plan to invest 40 billion rupees (US$530 million) in the country’s nascent industry. The investment is part of the company’s aim to launch six battery electric vehicle models in the South Asian nation by 2028.
The automaker’s electric vehicle portfolio will include both affordable and premium models ranging from sedans and SUVs, according to Hyundai Motor India Director for Sales and Marketing Tarun Garg. The plan is to launch its first electric vehicle in 2022.
The South Korean carmaker also said that it plans to highly localise its production in India to keep its price points competitive. Aside from battery electric vehicles, the firm is also aiming to develop charging infrastructure in the country.
Currently, the Indian market for electric vehicles has a handful of players: Mahindra’s eVerito, Tata Motors’ Nexon EV and Tigor EV, and MG Motor’s ZS EV.
Tesla’s Elon Musk announced in December 2020 that it plans to enter India by late 2021 while the country’s top automaker Maruti Suzuki is expected to launch its first electric vehicle in 2025.
Information for this briefing was found via Aljazeera and Hindustan Times. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
