According to a media report, South Korean automobile giant Hyundai is planning to invest USD 200 million, which is nearly INR 1,400 crore towards the development of Electric Vehicles in the Indian market. The resources will be dedicated to develop electric vehicle architecture for local use and will further be exported to other emerging markets in the future. Researchers at Hyundai Motors India have already started to assess the requirements of private buyers with respect to price and range of such products. The brand iself is planning to set up a lithium-ion battery plant in the next two to three years as the brand has identified the need of localised ecosystem to improve sustainability and stability in the market.
Hyundai a couple of days ago, launched the India’s first long range all-electric SUV, Hyundai Kona, at the price of INR 25.30 lakh ex-showroom. Powering the Kona electric is a Permanent Magnet Synchronous Motor that generates 136 PS of power and 395 Nm of torque connected to a 39.2 kWh lithium-ion battery pack which has a claimed range of 452 km, but the WLTP cycle speculation say a range of around 300 km in the real world on a single charge. With long range electric cars the brand is likely to reduce the range anxiety among new electric car buyers.
As of now the Hyundai Kona electric does not have any competitors in the all-electric SUV segment. Hyundai will be providing a Home Charger along with the car and the brand will also install Quick Charging stations at its dealerships and select Indian Oil petrol pumps in 4 major cities in India.
Hyundai is also considering the hydrogen fuel cell Nexo for the Indian market, which might debut sometime in 2021. The Nexo will be a revolutionary product as there is no other brand keen on introducing such technology at the moment for the mass market. The Nexo with the hydrogen fuel cell tech, will have a drive range of around 666 km.
India falls behind in terms of the electric charging infrastructure and as more brands bring their EVs in the Indian market an eco-system is likely to be developed soon and become favourable for electric vehicles which may use power from a clean renewable-energy sourced electric grids.