Hyundai, the South Korean automobile giant, has announced that it will be investing 1400 crores in India over the next three years to develop an affordable electric vehicle for the Indian market. Hyundai India Managing Director S.S Kim said that Hyundai will be using the resources to create an electric vehicle architecture for local customers and the vehicles may even be exported at a later stage.

Research has already begun along with R&D Centre Namyang into the requirements of private buyers and the price points and optimum range. The announcement was made at the launch of their premium electric vehicle ‘Kona’ in India which is priced at 25.3 lakhs. Apart from this, Hyundai is also contemplating setting up a Lithium Ion battery manufacturing unit over the next two to three years.

“If we introduce mass-market electric vehicles in the next three years, we will probably need that kind of localized ecosystem,” Kim said.

Sources – Economic Times, Indian Autos Blog

Image Source –Indian Autos Blog