Jan 31: Hyundai is said to be lining up investment to the tune of US$ 1 billion in India for its nine new products, development of powertrain and for the setting up of a new office in Gurgaon. Hyundai Motor India Ltd (HMIL) has announced that the new products shall be unveiled between 2018 and 2020. News reports have hinted that the much popular Hyundai product Santro could also make a comeback by the coming Diwali season.
HMIL Managing Director and CEO Y K Koo has been quoted by news reports as saying that out of nine, two will be completely new models, one will be an electric vehicle, two facelifts and four will be full model changes of existing models. Among the completely two new models, one will be a compact family oriented car codenamed AH2.
It is expected that the new Electric Vehicle might be launched in India by next year. However, it is still unknown whether it would be Hyundai’s Ioniq EV sedan or the full electric version of SUV Kona. The company is on a market study to understand the popular preference so that they can launch the model accordingly.
The automaker is expected to have an EV share of 40 percent in the total personal vehicle arena by 2030, and will look towards an apt government policy for EVs.
Going by the company’s plans, we need to expect that it would import its first EV as completely knocked down units to be assembled at the Chennai plant. And, depending on the market response, it would go in for manufacturing them later on in India.
HMIL is also keeping its options open for all kinds of partnerships from local firms for sourcing the most energy efficient electric vehicle battery, though they are also considering imports from China and South Korea.