Hyundai set to en­ter In­dia’s EV race with Ioniq brand

Hindustan Times (Delhi) - - HTINSIGHT - Malya­ban Ghosh malay­[email protected]

NEW DELHI: Hyundai Mo­tor In­dia Ltd will in­tro­duce its elec­tric ve­hi­cle brand Ioniq in In­dia to tap into In­dia’s am­bi­tious plans to have an all-elec­tric fleet in the coun­try by 2030.

Ioniq, the brand un­der which the South Korean car maker sells elec­tric, hy­brid and plug-in hy­brid cars glob­ally, is ex­pected to be show­cased at the forth­com­ing Auto Expo sched­uled to be held in Fe­bru­ary 2018, two peo­ple privy to the mat­ter said.

Hyundai sells Ioniq in the US, Europe and East Asian mar­kets.

“We will bring elec­tric cars to In­dia and will meet the time­line given by the Union gov­ern­ment. Hyundai has the tech­nol­ogy re­quired for elec­tric ve­hi­cles so we will bring them in all the seg­ments we are present,” Rakesh Srivastava, direc­tor, sales and marketing, Hyundai Mo­tor In­dia, said in an in­ter­view.

He, how­ever, de­clined to com­ment on the in­tro­duc­tion of the Ioniq brand in In­dia.

The move comes days af­ter an an­nounce­ment by Suzuki Mo­tor Corp on Novem­ber 17 where the Ha­ma­matsu-based car maker said it will man­u­fac­ture elec­tric cars for In­dia and sup­ply some units to Toy­ota Mo­tor Corp with tech­ni­cal sup­port from the lat­ter. The first elec­tric car from Suzuki, which has a 56% stake in Maruti Suzuki In­dia Ltd, is ex­pected to be in­tro­duced in the coun­try in 2020.

“We will sur­prise the mar­ket (when it comes to elec­tric ve­hi­cles),” Srivastava said.

Through a pol­icy-driven move the In­dian gov­ern­ment has com­pelled do­mes­tic car mak­ers to launch elec­tric cars in the coun­try lead­ing to fre­netic ac­tiv­ity in the space af­ter the state-con­trolled En­ergy Ef­fi­ciency Ser­vices Ltd in­vited bids to pro­cure 10,000 cars. The bid­ding process saw cut-throat com­pe­ti­tion be­tween Tata Mo­tors Ltd and Mahin­dra & Mahin­dra Ltd. Tata won the ten­der, which was matched by Mahin­dra later forc­ing EESL to award the ten­der to both com­pa­nies. EESL has said it will come out with an­other ten­der to pro­cure 10,000 more elec­tric ve­hi­cles around April 2018.

“Any man­u­fac­turer bring­ing th­ese ve­hi­cles to In­dia will es­sen­tially be show­cas­ing mod­els. As of now we don’t have a mar­ket for pure elec­tric ve­hi­cles,” said Anil Sharma, prin­ci­pal an­a­lyst, IHS Markit.

In the cur­rent year, Hyundai plans to man­u­fac­ture 6.72 lakh ve­hi­cles and can stretch its ca­pac­ity by an­other 30,000 units in the next year. Dur­ing April-oc­to­ber, vol­ume sales of the com­pany has in­creased by 4.5% to 314,053 units while the over­all pas­sen­ger ve­hi­cle in­dus­try led by Maruti grew 7.67% to 1.91 mil­lion units.

REUTERS/FILE

Hyundai sells Ioniq in the US, Europe and East Asia

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