Hyundai currently sells the Kona electric but hasn’t been doing all that well. It’s rival, the MG ZS EV on the other hand has garnered sales of 127 in October compared to the Kona’s 29 units and this could be attributed to the Rs 3 lakh price difference between the two.
Hyundai plans to launch 16 electric cars by 2025, and we know that some of these, if not all, will make it to India shores. But there are a few risks to that strategy as it enters a very nascent market.
The electric vehicle (EV) segment in India, firstly, is still in its infant stages. Of course, it seems to be growing fairly well, but at the moment the lack of charging infrastructure is causing a bottleneck in demand.
Next is the price. Electric cars cost significantly higher than their conventional gas-guzzling counterparts. Brands like Maruti Suzuki have been hesitant to enter this segment because of the higher costs that are required in the manufacture of an EV. Another reason for this is the lack of EV battery manufacturing in India.
Hyundai has been working on a few electric models already with some models being fairly suited to the Indian market. The one most suited is an A-segment SUV currently called the CUV. This is very similar in size to the Ford Freestyle and if launched, will compete with the likes of the upcoming Tata HBX EV.
Pricing however, will matter. Hyundai currently sells the Kona electric but hasn’t been doing all that well. Meanwhile, rival ZS EV from MG, has garnered sales of 127 in October compared to the Kona’s 29 units and this could be attributed to the Rs 3 lakh price difference between the two.The Hyundai CUV on the other hand is expected to be priced fairly aggressively, possibly around the Rs 10 lakh mark, and while a timeline hasn’t been issued yet, the debut-window is set for the year 2022.