South Korean automobile giant Hyundai has announced plans to launch nine new models in India over the next three years, including at least one electric vehicle.
Y.K. Koo, MD & CEO if Hyundai Motor India, recently told media outlets that his company will launch “completely knocked down” models of electric vehicles next year with an aim to test market response. As a teaser, the company showcased its Ioniq model at Auto Expo India 2018.
Ioniq is currently being offered for sale in the United States and has three variants — mild hybrid, plug-in hybrid and pure electric. The company is not believed to have announced plans to launch the car in India. Koo said the company has yet to decide whether the first EV model in India would be the Ioniq sedan or Kona compact SUV.
Last year, the company was reported to have been planning the launch of two electric models on existing platforms. Reuters reported that Hyundai could launch an electric sedan based on its “high-end Genesis brand in 2021 with a range of 500 km (310 miles) per charge” and an electric version of a small sports utility vehicle based on the Kona platform.
Hyundai has committed to an investment worth Rs 6,300 crore ($990 million) over the next few years as it launches new models and ramps up manufacturing. Over the last few years, Hyundai has managed to compete with the likes of Maruti Suzuki and Honda with some very popular cars.
Some reports suggest that Hyundai could beat Maruti Suzuki to launch an electric vehicle in India. If the South Korean company indeed achieves this feat, it could gain a substantial share in India’s EV market.