Hyundai to invest in affordable India e-car |
South Korean automotive manufacturer Hyundai, is planning to launch an electric car in the 10 lakh rupee bracket in India, and will spend over Rs 2,000 crore to develop the vehicle that will be manufactured at its Chennai factory. The car could be a mini SUV, though different body types such as a premium hatchback, are also being considered. The push from the company towards cleaner mobility comes at a time when the government is nudging automakers to work out serious electric-vehicle plans as pollution worsens across Indian cities, and rising fuel import bills hit the national exchequer. As part of aggressive plans in the electric space, Hyundai is also looking at having an electric battery facility in India — on the lines of one developed by Suzuki and Toyota in Gujarat — and is speaking to an array of potential partners. These include Korean electronics giants like LG, Samsung SDI and SK Innovations, apart from some Chinese companies.Hyundai aims to have a mass-volume affordable electric model for wider sections of the market. The company plans to develop a supplier chain for the ambitious vehicle. 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.
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