Companies

‘In India, EVs offer better prospects than hybrids’

Our Bureau Chennai | Updated on July 27, 2018 Published on July 27, 2018

HMIL’s MD and CEO YK Koo at the Sriperumbudur factory near Chennai on Friday   -  PTI

Hyundai Motor India will drive in an electric vehicle next year as it sees brighter prospects for EVs than hybrids and other technologies. The company would like the government to provide sops to companies that bring in the latest technologies.

The first EV will be an SUV (sports utility vehicle). The company plans to bring the EV as completely knocked down kits and assemble them here, as it seeks to evaluate the response and market environment before deciding on making them locally.

“We expect good volumes for EVs in India. But the government could think of providing some support to companies that come up with advanced technologies in vehicles. A cut in GST rates and a reduction in import duties for CKDs will help grow the green vehicles. At this moment, it is an expensive proposition to make and sell EVs in India,” said YK Koo, MD and CEO of HMIL.

The proposed electric SUV is among the eight new models that the company has decided to introduce in India between 2018 and 2020.

HMIL’s parent company in Korea is working on electric mobility plans, including battery technology, components and charging infrastructure for the Indian market. “We don’t expect big volumes in India in the initial period, but we see a good potential for such vehicles over the long term,” Koo said.

To a question, Koo said the company was on keen focussing on EVs rather than hybrids for the Indian market.

Koo said HMIL, which is celebrating two decades of operations, is gearing up to launch its all-new family car (code named AH2) before Diwali. The car will be an upgrade over its entry-level hatchback Eon.

Published on July 27, 2018
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