Hyundai Motor India to invest Rs 4,000 cr in EVs by 2028, lines-up 6 EV models

1 month ago 26

Taking cue from the fast-emerging Tata Motors, Hyundai Motor India (HMIL) is stepping connected the state to accelerate portfolio translation successful the electrical conveyance (EV) space. To align its rider conveyance portfolio, the 2nd largest car shaper successful the state is present readying to put Rs 4,000 crore to make electrical conveyance technologies and infrastructure.

According to the company, it volition beryllium investing the sum for probe & improvement to grow its EV line-up till 2028. Backed by the investment, it besides plans to motorboat six EV models crossed its portfolio successful adjacent 7 7 years.

While HMIL began its travel successful the section EV marketplace successful 2019 with its Kona Electric successful the inferior conveyance segment, its upcoming models volition beryllium dispersed crossed the rider conveyance segments, the institution said. Currently, the EV exemplary is positioned astatine the sports inferior conveyance class but priced astatine a premium (ex-showroom Delhi terms of Rs 23.7 lakh).

“Today we are showcasing our committedness towards Indian customers with the announcement of expanding our BEV (battery EV) line-up to 6 vehicles for the Indian marketplace by 2028. We are taking experiences beyond mobility and are powerfully focusing connected intelligent technology, sustainability and innovation,” said S S Kim, MD & CEO, HMIL.

The institution volition besides present its dedicated ‘electric planetary modular platform’ (E-GMP), isolated from a modified level for BEVs successful India. E-GMP is simply a dedicated BEV level with level floor, slim cockpit and a flexible compartment space, developed for Hyundai’s upcoming EVs.

HMIL’s caller determination is not without rationale. According to manufacture experts, Tata Motors’ assertive bid successful the EV space, coupled with its caller portfolio expansion, has yielded overmuch attraction from the competitors. The Mumbai-based auto-maker has already gained important marketplace share.

As per Federation of Automobile Dealers Associations (FADA), the steadfast continues to summation stock of the rider conveyance market, portion apical 2 players - MSIL and HMIL - mislaid ground. In November, Tata Motors’ marketplace stock grew to 12.01 percent from 7.5 percent successful the twelvemonth agone period. MSIL mislaid stock - from 49.24 per cent successful November, 2020 to 41.93 per cent now. While HMIL’s stock successful the rider four-wheeler marketplace came down to 15.51 per cent from 16.18 per cent.

Also Read: Popular Vehicles & Services mulls $100 mn listing adjacent year

Also Read: Stocks successful news: Nykaa, Maruti Suzuki, Tata Power, Raymond and more

Read Entire Article