South Korean carmaker Hyundai is working hard to come up with its very first product under the “Smart EV” project will be expected to roll out in next 2-3 years. What’s more, people in the know have confirmed that Hyundai is also exploring the possibility to have a dedicated electric vehicle architecture platform to produce electric cars for the Indian market. The platform will be shared with Kia.
The news has come close on the heel of the recently presented Union budget where a slew of announcements has been made to spur EV segment. The finance minister has proposed to bring down the GST from 12% to 5% on EVs while providing text exemption on the loans which have been taken to purchase EVs. The important aspect of Lithium-ion battery and its manufacturing has also been mentioned in the budget with the government announcing its intentions to incentivize it.
Hyundai is relying on government policies for its EV strategy. The Indian government has made some aggressive plans for EVs, Hyundai is now shifting gears and picking up the pace so as to not remain laggard in the race to capture EV market share. Hyundai has already committed to providing 38 cleaner vehicle options which include the likes of EVs, fuel-cell vehicles, and hybrid vehicles. Indian market witnessed the launch of KONA EV recently.
Hyundai’s India-specific EV plan has come from its investment in Ola and come up with specific solutions pertaining to Indian mobility, fleet operations, and development of EVs. Just so you know, in addition to Ola, Hyundai has also invested in Revv car rental company. On the competition front, Maruti Suzuki is heading towards the launch of its first EV in India in 2020 which it has developed in collaboration with Toyota. Tata Motors and Mahindra have already got EV technology while others like Renault is planning to cash in on the EV’s popularity.