Hyundai is planning to launch a new compact and affordable electric car in India. The South Korean company is already in the process of bringing some premium-level electric cars to India, but an affordable electric car has not been mentioned. A new report has surfaced detailing Hyundai’s grand EV plans for India.
A Reuters report quoted a Hyundai India executive as claiming that a small electric car is being developed for the Indian market. The preparations are not limited to just cars, the company is also planning to expand its electric car ecosystem. Various departments are working on the charging ecosystem, sales network and facilities required for assembling the car. It is safe to assume that this new electric car will be manufactured or assembled in India to keep the overall cost down.
Tarun Garg, director of sales, marketing and service for Hyundai India, told Reuters in an interview that they are trying to increase the localization of the product as much as possible.
When will Hyundai’s new electric car launch?
The small electric car launch timeline is still uncertain. When asked about the launch, Garg claimed that the company will wait for the right time to launch the product. The South Korean brand would like to keep the cost low. Also, ahead of the launch, the company will try to expand the charging ecosystem to instil confidence among the customers.
Hyundai India plans to invest $512 million in the EV sector. This new small and affordable electric car will play an important role in this plan. The company plans to launch a total of six electric cars by the year 2028.
As of now, Hyundai is planning to launch the Ioniq 5, a much more premium offering. The electric car will be launched later this year and will compete with the Kia EV6. The Ioniq 5 boasts a range of 480 km.
“When it was about cars with internal combustion engines, we had this bottom-up approach. In electric, we are trying a top-down approach,” he said. It needs an extensive charging network and low battery prices to be successful.
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