Hyundai intends to launch more electric vehicles in India
- IBEF
- August 9, 2023
South Korea’s Hyundai Motor Group intends to launch more electric vehicles under the Hyundai and Kia brands in India. It shows that it is bullish on the world’s third-largest automobile market.
The company is planning to invest Rs. 20,000 crore (US$ 2.41 billion) over the next 10 years in Tamil Nadu to modernize vehicle platforms and expand its presence in the country’s fast-evolving electric vehicle segment, reports Economic Times (ET).
To launch six models by 2028, Hyundai Motor India Limited (HMIL) is planning to invest Rs. 4000 crore (US$ 482.57 million). The Loniq 5 was the first of these versions to reach the market this year. The company additionally markets Kona EV in India.
The company will introduce new electric & Internal Combustion Engine (ICE) vehicles from its factory near Chennai. As a part of Hyundai Motor Group’s long-term strategic vision to promote clean energy, Hyundai will continue to explore future sustainable technologies in the coming years.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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