We are familiar with Hyundai and its low cost SUVs. But now Hyundai is looking forward to making low cost EVs their top priority for Indian market. Report says that they have their product and technology ready but are reviewing its viability for the market. This time they not only aim to sell cars but also provide mobility service alongside offering digitally connected products to keep pace with the altering needs. The aim to electrify their vehicles will be a pivotal role for the company as the EV market in India is at its infant stage and there is no real competitor to challenge with. They have the infrastructure to mass produce budget cars and they also have the technology to implement on the new variation.
The EV infrastructure might have been affected by the coronavirus lockdown so the project might get delayed for a while. But Hyundai is confident about its potential and are working on their “No. 1 priority” project. They have the resource necessary for further development in electric vehicle technology. They were also the foreseer for hydrogen vehicles as they have a dedicated research unit for the development of Hydrogen cars.
Although they have a sharp decline in car sale for the current fiscal year, that won’t affect their plan for electrification. They are pushing to the extreme for launching their coveted all electric vehicle in India ahead of Tesla Model 3 launch. They are certain that if Tesla starts launching their pre-existing models in India then they won’t stand a chance to compete. Tesla is years ahead when it comes to battery technology so they need to take fast but calculated steps to secure their position in Indian EV market. Apart from Tesla, even Jaguar is planning to launch its EVs in India. It will be a tough competition for everyone who plans to take over the Indian EV market as they need to act fast.