Hyundai to launch Rs.10 lakh electric SUV

After the launch of the high-powered Kona Electric, Hyundai is gearing up to introduce a new platform for sub-10 lakh electric cars. This new platform is expected to churn out multiple body types, including a hatchback. It will also be exported to the Middle East, Latin America, Africa, and Asia.

Hyundai has taken a leap in providing electric mobility solutions in India. It is also aiming at having an electric battery facility in India. Korean electronics giants like LG, Samsung SDI, and SK Innovations, apart from some Chinese companies, are expected to be roped in.

Hyundai India MD S S Kim said. “We are carrying out studies to determine a totally new and different product, and this will be India-dedicated platforms." He also added, “all body styles are being evaluated”.

Hyundai aims to manufacture affordable electric models for the masses. “We want a price that should be acceptable to general customers, and is also aggressive,” Kim said.

The company plans to develop a supply chain for an ambitious vehicle. “Investment for a new car is around $200 million, but since this also comes with a new supply chain, it maybe $300 million (over Rs 2,000 crore) or more,” Kim said.

The target price for the new vehicle is expected to be around Rs.10 Lakhs.

Source: ET

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