Automakers in India are feeling the need to come up with affordable electric vehicles which are more viable from sales perspective. After MG Motor, even Hyundai India is studying the feasibility of introducing a low-cost electric vehicle in India that could help generate more volumes. S.S Kim, Managing Director- Hyundai India while speaking to HT Mint said that bringing in a low-budget electric vehicle is the carmaker’s first priority. “We have the product and the technology, and we are reviewing the Indian market condition and the infrastructure situation here. We will come up with some options, which will be the best for the Indian market. It’s a No.1 priority in our future strategy,” said Kim.
Hyundai is also one of the pioneers in the EV space in India. The company had launched the Kona electric in 2019 and globally it also has hydrogen fuel cell vehicles in its portfolio. In fact, EVs will also help carmakers in India to achieve the upcoming corporate average fuel efficiency (CAFE) norms, thanks to zero tailpipe emission. The government is set to regulate the Phase 2 of the CAFE norms by 2022 and will also introduce real-time driving emission (RDE) norms by 2023.
MG Motor India also sees better potential for EVs at a lower price bracket. The company is evaluating the prospects of a smaller electric vehicle, which can be retailed at under the ₹ 20 lakh price point. The company is still evaluating the viable model for our market but has promised that there will be one in a couple of years.