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Hyundai plans to invest over 1 Billion dollars in India over three years

Hyundai plans to invest over 1 Billion dollars in India over three years
Nikhil Puthran Nikhil Puthran Wednesday 31 January 2018, 18:21 PM

Korean car manufacturer Hyundai has announced its plans to invest over $1 billion (about Rs 6,300 crores) in India by 2020, towards development of new products, powertrain and setting up of a new office building. It is believed that Hyundai will be launching an electric vehicle next year and is also likely to relaunch the Santro brand with a fresh face around the festive season this year. Moreover, Hyundai Motor India Ltd (HMIL) has lined up nine products to be introduced between 2018 and 2020.

Speaking to the media, Y K Koo, HMIL Managing Director and CEO revealed that the company’s new office will come up in Gurugram. Of the total nine products which are due to be introduced over a period of three years, two will be completely new models, one will be an electric vehicle, two facelifts and four will be full model changes of existing products. The electric version will arrive in India via CKD (completely knocked down) route and assembled at the company’s facility in Chennai.

Commenting on the company’s foray in electric vehicles (EV), Koo said, “Our first EV in India will be launched next year. At the moment we are yet to finalize whether it will be the Ioniq EV sedan or the full electric version of SUV Kona.” Hyundai is also studying the Indian market to understand customer preference which will help them in understanding on which model will be launched. The company is also reportedly waiting for clarity from the government in the form of an EV policy so that it can plan the road ahead keeping in view the 2030 target of 40 per cent of all personal vehicles being EVs. Koo further added that the current GST rate of 12 per cent must be reduced to 5 per cent in order help popularize the eco-friendly technology.

More details on future developments will be known over next few months.

 

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