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Hyundai Is Ready Taco Invest About 1 Billion USD In India By The Year 2020

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Hyundai is planning to introduce an electric car next year in addition to being getting ready to possibly re-launch its familiar model Santro around this Diwali. Hyundai’s major auto plant in South Korea has planned to invest nearly USD 1 Billion in India for the development of new products, powertrains and a new office building in Gurugram. HMIL plans to line up nine products that will be expected to be launched between 2018 & 2020. When it comes to elaborating the new products to be launched, two would be entirely new models, two facelifts, one would be an electric vehicle and four would be existing products yet with complete model changes.

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Hyundai’s first EV is going to be launched next year in India. But, right now, no decisions were made regarding which one is going to launch either a fully electric version of the SUV Kona or the Ioniq EV Sedan. At present, the company is seriously engaged in a market study on consumer preferences that will help them decide which model to be launched. Apart from that, the company is also looking out for the clarity from the Indian government in the name of an EV polity. There is no doubt that 2030 is expected to have around 40% of almost all the personal automobiles being EVs.

Launching the first EV as CKD units:

The first EV will be imported as completely knocked down units, which then get assembled at Hyundai’s Chennai Plant. After seeing the market response, Hyundai will consider manufacturing electric vehicles in India. However, it will take time. The Indian government is under pressure to give support for electric vehicles and in turn, the present GST rate of 12% should be reduced to 5% so as to help in popularizing the eco-friendly technology. Apart from considering other alternatives such as importing from South Korea or China, HMIL is trying to keep the option open to partner with local firms in order to source the battery of electric vehicles because battery plays a key role in the success of electric vehicles in India.

Possible comeback of Santro Brand:

Among the two absolutely new products being planned to launch by Hyundai, one will be a compact family-oriented vehicles, which is codenamed as AH2. There is also a possibility to re-launch Santro, but the company needs to take a final decision regarding that matter. However, Hyundai is under lots of pressure from customers, dealers, and market regarding the launch of Santro brand. If Santro is still able to continue in the market, it has successfully marked the completion of 20 years in India as the vehicle was found to be launched in India in September 1998. When it comes to sharing details regarding the products, the hatchback will be taller and wider than the i10 model and further, the vehicle will get force from a petrol engine with an option of factory-fitted CNG engine. It would also have manual and automated transmission options. On top of that, HMIL is all about to introduce its compact SUV in the meantime. The vehicle is powered by a 1.0 L turbocharged petrol engine.

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