Hyundai to invest Rs. 1,400 Cr to develop EVs for India

According to a media report, Hyundai is planning to invest Rs. 1,400 crore to develop affordable electric vehicles (EVs) for the Indian market. This investment is expected to be made over the next 3 years.

The report states that Hyundai is planning to develop a new electric vehicle architecture for the Indian market. The company could export electric vehicles to emerging markets in the future. The carmaker has started studying the requirements of private buyers with respect to range and pricing.

The report also states that Hyundai could setup a lithium-ion battery manufacturing unit in the next 2-3 years. The company is currently in the process of evaluating the same.

Source: Economic Times