Hyundai plans to invest Rs 3,200 crore in India
According to a TOI report, leading car manufacturer Hyundai Motor plans to invest over Rs 3,200 crore in India in the next four years. The investment will help the company expand its product portfolio and launch cars that include electric vehicles, as the world and India shift to green mobility solutions.
Hyundai completed 25 years in India and holds a 17% market share in the domestic passenger vehicles market in the country. According to the company’s MD S.S. Kim, the EV space will be a major driver of top-line growth in the upcoming decade.
Kim said Hyundai will try to enter the electric vehicle space in India with an affordable and locally manufactured vehicle. It is in the final stages of localization plans for electrics and is also exploring a partnership with its group company Kia.
In an interview with TOI, Kim said, “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.”
At present, Hyundai’s sole all-electric offering is Kona Electric. It uses a 39.2 kWh battery that powers an electric motor that has an output of 134 BHP and 395 Nm of torque. It has four driving modes – Eco, Eco+, Comfort, and Sport and comes with paddle shifters for adjusting regenerative braking. The claimed 0-100 km/h acceleration time is 9.7 seconds.
