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Hyundai to drive in affordable electric vehicles to India

IBEF:  July 11, 2019

To push forward its plans, Hyundai is in converses with vendors in India to build up a parallel ecosystem for electric vehicles (EVs) in India. Its current ecosystem, including the vendor base for traditional internal combustion engine vehicles, is situated in Chennai, said by Seon Seob Kim, managing director and CEO of Hyundai Motor India

The moderate electric vehicles project, underway in South Korea, is to build up the Smart EV platform that will bring a range of vehicles for emerging markets like India.

Hyundai on Tuesday turned into the first company in India to present a long-range battery in its Kona sport utility vehicle (SUV), estimated at ₹25.30 lakh (US$ 35167). The Kona will soon face rivalry from MG Motor India, a unit of China's SAIC Motor Corp., which is slated to offer its eZS electric SUV before the end of December.

Hyundai's plans pursue the Union government's nudge to automakers to deliver eco-friendly vehicles and its transition to unveil incentives in the year's budget to hasten the adoption of such vehicles.

In her lady maiden budget, finance minister Nirmala Sitharaman declared income tax rebate of up to Rs. 1.5 lakh (US$ 2085) to EV purchasers on premium paid on loans to purchase electric vehicles, with an all-out exclusion advantage of Rs. 2.5 lakh (US$ 3475) over the entire loan period. The minister also declared cutom obligation exemption on lithium-particle cells to lower the cost of lithium-ion batteries in India as they are not created locally. Producers of components, such as, sun based electric charging framework and lithium storage batteries will be offered investment-linked income tax exemptions.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.