MD of Hyundai India, SS Kim, recently confirmed that Hyundai intends to have locally-made electric cars in its portfolio and generate 2% sales from EVs in 2025. However, Kim hinted that to generate demand, the government will need to let the car manufacturers test the waters with less risk. Currently, there are heavy duties and taxes on imported cars. Relaxing the taxes on electric cars will not only let the manufacturers gauge the demand for EVs but also create demand through desirability.
Here’s what SS Kim had to say:
“It will take OEMs time to localise EVs by 100%. We are developing made in India affordable mass-market EV but at the same time if the government allows some reduction in the duty on imported CBUs that would be very helpful for all of us to create some market demand and reach some scale.
We need some more support from the government in terms of tax and some incentives. From our experience in various global markets, such as South Korea, China and some European countries, we know that in India there still remains the anxiety related to charging infrastructure and the pricing of EVs
If we have some meaningful support, even for the private customer, that would be very helpful. Also, the tax reduction will be great for the customer. If the demand is there and the market is starting to grow I think that in two years we can reach a meaningful point in terms of scale and from that point, we can manage.
Ioniq is a great looking and performance vehicle. We are studying the feasibility of the model. If the market and the customer want that vehicle we can try to bring it.”
Hyundai India recently inaugurated their new headquarters in Gurugram. At the event, the carmaker also showcased their swanky new Ioniq 5 electric car. Kim also said that they’re evaluating bringing the Ioniq 5 to our shores and will happily launch it in India if the demand justifies doing so.
The brand has shown faith in the prospects of growth in the electric vehicle business by installing a total of 14 EV charging points at the new office. 3 of those are of the DC fast charging type while the rest are regular AC wall outlets. All Hyundai electric car owners can use these locations to charge their own cars.
The new corporate office also has solar panels churning out up to 50kW of electricity to reduce their dependence on the grid.
What’s The New Hyundai Electric Car?
After launching the Casper mini SUV, Hyundai may offer an electric version of the car. Tata does a similar thing with the Nexon, which is available with petrol, diesel and eclectic powertrains. A car with such a futuristic design deserves an equally futuristic propulsion system.
Hyundai could also launch the electric version of the Venue along with the facelift in 2023. Currently, Hyundai only sells the Kona electric crossover, which costs about Rs. 24 lakh (ex-showroom). The Kona is an imported car and its prohibitively high price keeps it out of reach of most mass-market buyers.