Hyundai’s Plans for E-Mobility – EV Next
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Introduction
The second largest car manufacturer in India entered the EV segment in a top-down business model with the launch of its surprisingly successful electric compact SUV, the Kona.
Company Profile
Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company (HMC), South Korea. HMIL has two manufacturing facilities in Irungattukottai (Chennai) and R&D centre in Hyderabad. HMIL currently markets nine car models across segments with 490 dealers and 1253 service points across India
Product Profile
- In July 2019, Hyundai launched its electric compact SUV, the Kona in India.
- Globally, the company also manufactures Fuel Cell powered electric vehicles by the name Nexo.
- At the auto Expo 2018, the company demonstrated its electric and hybrid versions of their Ioniq.
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| Kona Electric | Nexo Fuel Cell Electric |
Ioniq Electric
Future Plans
- In August 2019 Hyundai Motor said it is planning to develop a new electric vehicle (EV) platform for the country with a $200-million investment to tap the mass market.
- The company aims at bringing in a more affordable electric model for less than Rs 10 lakh by 2023.
- As of 2020, the motor company is looking into battery manufacturing and sourcing their materials locally.
- The manufacturing capacity of the Kona at their Chennai plant is only 500 per year. The company would study, understand and wait for the market to rise in 3-5 years before scaling up.
Partnerships
- Early 2019, Hyundai signed an MoU with Tamil Nadu to invest about Rs. 7,000 crore for developing new products and expanding capacity through brownfield expansion in the state.
- In March 2019, Hyundai and its affiliate Kia Motors announced an investment of $300 million (around 2,068 crore) in Ola to collaborate on building India-specific EVs and infrastructure, and developing unique fleet and mobility solutions.
- The vehicle architecture is expected to be shared between Hyundai and affiliate Kia, and India will be the manufacturing hub for the vehicle for the emerging markets.
R&D
- According to its ‘Strategy 2025’ global roadmap to morph into a smart mobility solutions provider, Hyundai also said it would invest a total of KRW 61.1 trillion between 2020-2025 in research and development (R&D) and future core technologies.
- The “Smart EV” project has got a green signal from the headquarters and the first product may hit the market in the next two to three years, several people in the know said. The project has been approved and there is a dedicated electric vehicle architecture being mooted for the Indian market.
The Nexo Fuel cell electric vehicle powertrain displayed at the AutoExpo 2020
The Ioniq electric powertrain displayed at the AutoExpo 2020
Other Strategic Perspectives
- The company also is in the same line with Maruti and Honda stating, hybrids could be useful in the near term, compared to EVs.
Global Work
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- The company is also currently developing a battery powered electric bus.
- Hyundai Motor has committed to bringing out 38 cleaner vehicle solutions including hybrids, electric and fuel cell vehicles globally.
- The Hyundai Motor Company has presented its ‘Strategy 2025’ roadmap, in which the South Korean Group also sets its frameworks for electrification. By 2025, Hyundai intends to become one of the three largest EV manufacturers in the world with a multi-faceted approach.
- The carmaker’s core business is to be divided into two pillars in the future: Smart Mobility Device and Smart Mobility Service. The device area will be extended beyond the car and also includes personal air vehicles (PAV), robotics and last-mile mobility solutions
- At the AutoExpo 2020, the company also displayed its special purpose electric vehicles named Elevate and Kite.
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| Elevate – Multipurpose rescue vehicle (scaled) | Kite – Special purpose vehicle |
Hyundai wants to “achieve balanced and steady growth with a portfolio that takes into account various regional and product needs.” This echoes the company’s sentiments in their recent entry into manufacture and sale of electric vehicles in Indonesia, with some of the highest- density cities in the world – as opposed to the US, for example, which is home to the world’s ten lowest-density cities.
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