02/19/2021 | Press release | Distributed by Public on 02/19/2021 07:05
Following the news that Hyundai Motor Company plans to invest more than US$440m in India over the next four years;
Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, a leading research and consulting company, offers his view:
'The announcement comes after the completion of 25 years in India. The country has been a key market for Hyundai with regards to domestic demand as well as exports. The company was the second-largest passenger vehicle player in India, with a market share of 17.4% in 2020.
'Hyundai has been striving hard to emerge as the next-gen mobility player with a focus on connected and electric vehicles, both globally and in India. The committed investments in India will be focused on expanding product portfolio over the next four years and launch a series of new vehicles including battery electric vehicle (BEV).
'Presently, Hyundai has Kona Electric under its BEV portfolio in India. However, it is a premium model. Hyundai plans to go the Tata-way and develop locally made affordable electric car. The company has a budgeted investment of US$137m for the same. The vehicle is expected to get in production by 2023.
'The South Korean auto giant has pioneered shared mobility in India in partnership with car sharing companies, launched the first online retail program 'Click to Buy' and emerged as a major SUV brand. Hyundai, with its affordable BEV, could definitely reform the electric mobility space in India but needs substantial support from the government to develop the electric ecosystem to promote EV adoption.'