Hyundai Motors India has received green signal from its headquarters for going fast on “Smart EV” project.. The company is planning a dedicated electric vehicle architecture for the Indian market to design a mass-market electric vehicle suited for Indian conditions. The vehicle architecture would be shared between Hyundai and affiliate Kia, and India will be the manufacturing hub for the vehicle for the emerging markets.
The company’s Director SS Kim expressed his happiness on the budget initiatives of cutting GST rate on electric vehicle from 12% to 5% and the proposed income tax benefit on the interest paid on the loans taken to purchase EVs. The budget has also proposed to incentivise manufacturing of lithium ion battery a big cost factor in EV. KIM said the company has noted the initiatives taken by Indian government and its company would align its strategy based on its understanding of government initiatives to boost electric mobility in India.
The company is moving fast on electric vehicles technology and has committed to bring out 38 cleaner vehicle solutions including hybrids, electric and fuel cell vehicles globally. The $300 million investment made by Hyundai and Kia, in Ola will also play a key role in securing specific inputs for the requirement for the shared mobility platforms, where EV will become a viable sense.
The EV space is already getting hot as rival Maruti Suzuki, will be coming out with its first locally manufactured EV in 2020, in tandem with Toyota Kirloskar. Tata Motors, the Mahindra-Ford combine and Renault too have plans for compact EV cars for India, and Hyundai does not want to lag behind.
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