Hyundai is planning a new EV SUV for India which will be more affordable than the Kona, a potential rival for the Tata Nexon EV and its coming in 2022.
Hyundai made quite some headlines last year when they launched the Kona EV in India. It was the first mass produced electric vehicle in India. The Kona EV is however quite expensive with an ex-showroom price of Rs 23.7 lakh. Now, Hyundai is planning to bring their second EV to India which will be much more affordable and have a wider public appeal. Hyundai had previously revealed plans for a more affordable EV in July last year.
Hyundai has said that they will introduce this new EV in the next two years. It will be a made-for-India and made-in-India product, which could be exported to other markets where it fits the requirements. Hyundai also revealed that the new EV will be a ground-up SUV. It will be built on a flexible platform and while it will be primarily designed for electrification, it should also support traditional ICE engines or hybrid powertrains as well.
Hyundai hopes to bring the new product into our market by 2020 and right now, they are undergoing various discussions and negotiations with potential supplier partners in the ‘new ecosystem’. Hyundai says that the priority for this new EV will be its real-world driving range. It should be above 200km and anything between 200 and 300km.
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Hyundai has seen reasonable success with the Kona EV in India. They have sold 331 units of the Kona EV in eight months as of January 2020. However, the Kona comes to India as a CKD and its high price point has only seen a few takers in early adopters. The MG ZS EV which is an electric SUV of similar size and capacity has seen relatively better success than the Kona. It is also Rs 2.70 lakhs cheaper than the Kona and that makes a significant difference.
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Hyundai needs to find sufficient volumes in the market to really make it a viable project. On that front, the company is even looking into battery manufacturing in the country when they actually bring out the SUV. We are gradually seeing more competition in the EV space in India and we very well can expect that Hyundai will be able achieve a price point similar to the Tata Nexon EV. The latter currently sells at Rs 14 lakh (ex-showroom). It would also be interesting to see how the EV space in India develops with the entry of Great Mall Motors and the Haima-Bird partnership
