Kim stressed the need for more localisation to develop the EV platform. “Currently, localisation is too low since suppliers have not geared up but as volume grows, it will evolve,” he said. He, however, declined to reveal the price point the new product would target.
Early this year, Hyundai
signed an MoU with Tamil Nadu to invest ~7,000 crore for developing new products and expanding capacity through brownfield expansion in the state.
In March 2019, Hyundai and its affiliate Kia Motors announced an investment of $300 million (around ~2,068 crore) in Ola.
According to the agreement, the three companies
would collaborate on building India-specific EVs and infrastructure, and developing unique fleet and mobility solutions. The partnership would offer Ola drivers various financial services, including lease and instalment payments, while vehicle maintenance and repair services would enhance customer satisfaction, Hyundai Motor then said.
Hyundai, Kia and Ola also agreed to coordinate efforts to develop cars and specifications that reflect the needs of the ride-hailing market.
On whether Hyundai would look at hybrid vehicles, Kim said the company has the technology and would consider the option if the government gave incentives.
The company’s plant in the state is said to be running at nearly full capacity, mostly due to the growing SUV demand. The monthly production of SUVs has gone up from around 9,000 to nearly 17,000.
Kim appeared optimistic about the future of Hyundai and the Indian passenger car industry, which he said would be driven by rural demand for the next few years.