Taking cue from the fast-emerging Tata Motors, Hyundai Motor India (HMIL) is stepping on the gas to accelerate portfolio transformation in the electric vehicle (EV) space. To align its passenger vehicle portfolio, the second largest car maker in the country is now planning to invest Rs 4,000 crore to develop electric vehicle technologies and infrastructure.
According to the company, it will be investing the sum for research & development to expand its EV line-up till 2028. Backed by the investment, it also plans to launch six EV models across its portfolio in next 7 seven years.
While HMIL began its journey in the local EV market in 2019 with its Kona Electric in the utility vehicle segment, its upcoming models will be spread across the passenger vehicle segments, the company said. Currently, the EV model is positioned at the sports utility vehicle category but priced at a premium (ex-showroom Delhi price of Rs 23.7 lakh).
“Today we are showcasing our commitment towards Indian customers with the announcement of expanding our BEV (battery EV) line-up to 6 vehicles for the Indian market by 2028. We are taking experiences beyond mobility and are strongly focusing on intelligent technology, sustainability and innovation,” said S S Kim, MD & CEO, HMIL.
The company will also introduce its dedicated ‘electric global modular platform’ (E-GMP), apart from a modified platform for BEVs in India. E-GMP is a dedicated BEV platform with flat floor, slim cockpit and a flexible cabin space, developed for Hyundai’s upcoming EVs.
HMIL’s recent move is not without rationale. According to industry experts, Tata Motors’ aggressive bid in the EV space, coupled with its recent portfolio expansion, has yielded much attention from the competitors. The Mumbai-based auto-maker has already gained significant market share.
As per Federation of Automobile Dealers Associations (FADA), the firm continues to gain share of the passenger vehicle market, while top two players - MSIL and HMIL - lost ground. In November, Tata Motors’ market share grew to 12.01 percent from 7.5 percent in the year ago period. MSIL lost share - from 49.24 per cent in November, 2020 to 41.93 per cent now. While HMIL’s share in the passenger four-wheeler market came down to 15.51 per cent from 16.18 per cent.
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