Hyundai Motor India Ltd. (HMIL) is planning to develop an electric vehicle (EV) for mass market, following the good response it received for its electric sport utility vehicle (SUV) Kona, said a top official.
“In the last 15 days, we have already received 120 bookings for the Kona,” said S.S. Kim, managing director and CEO, HMIL. “Hyundai Kona is for a niche segment and the market size is small. The initial response is quite positive,” he added.
Asserting that the Kona was targeted at the high-end market segment, he said Hyundai would develop a mass market EV that would be rolled out in three to four years time.
“We are working on a platform for the mass market. We will be investing hundreds of millions of dollars. It is too early to talk about the price point,” he said.
Mr. Kim also said it was too early to talk about the indigenisation level in Hyundai Kona as the vehicle was imported as a total package from Korea.
On the high cost of the EV, he said the price was determined by the lithium-ion battery. “We are trying to find a partner to source it locally,” he said.
To a query about the roll-out of hybrid EV, he said that Hyundai had the technology as well as the product. The hybrid vehicle was rolled out in South Korea, the U.S, and European Union.
“India does not support hybrid any more. In the current situation, there is no incentive to introduce a hybrid model,” he said.