According to the Nikkei Asia Review, South Korean company, Hyundai Motor, will invest $530 million to launch six electric vehicles in India by 2028. Hyundai Motor India Marketing Director, Taren Garg, said that Hyundai Motor will launch its first electric vehicle (EV) in 2022. Subsequently, the company will successively launch economical and high-end electric vehicles including sport utility vehicles (SUVs) and sedans. Garg told Reuters that Hyundai hopes to become a key contributor to India’s electric vehicle industry.
Hyundai Motor India stated in a press release that the investment will be used to develop six cars. In India, electric vehicles account for less than 1% of total car sales, but the government aims to reach 30% by 2030. At the same time, Tesla is preparing to launch cars in India and has been lobbying the Indian government.
Hyundai Motor joins the ranks of Tata Motors and Mahindra to fully support electric vehicles. Currently, India is working hard to push automakers to switch to electric vehicles to reduce pollution and fuel imports. According to Garg, Hyundai can produce these cars on its dedicated Global Electric Modular Platform (E-GMP). This company already has plans to introduce this platform in India. Alternatively, it can also produce the cars on an improved platform that currently produces gasoline vehicles. He said that cars produced on the dedicated electric platform have a cruising range of up to 800 kilometers.
Hyundai Motor is negotiating with suppliers, and it hopes to purchase and manufacture parts for its electric vehicles locally. This will help the company to significantly reduce the price of electric vehicles in India. Garg claims that in addition to providing home charging facilities, Hyundai Motor is also seeking to form strategic partnerships to provide public charging facilities.
Hyundai may be part of the Apple Car Project
Apple is one of the top three companies with the highest market value in the U.S. Considering the recent surge in the electric car market, it is logical for the Cupertino firm to want to enter the market. However, Apple will not entirely be alone in this journey, it will cooperate with pre-existing car makers. As Korean Times reports, Apple is currently looking for OEM production by auto companies. At the same time, they will be responsible for the overall quality and electrification of the Apple car. Hyundai is a top car maker in the U.S. and this company may take the olive branch from Apple. However, there is nothing official for now
Some sources claim that Apple is in contact with a number of South Korean electric car manufacturers. The company hopes to add these car manufacturers to the “Apple Car” project. The report claims that talks with these companies are still in the early stages.