South Korean auto major Hyundai plans to invest more than Rs 3,200 crore in India in next four years with a focus on the electric vehicles segment, reports The Economic Times.
Hyundai which has a market share of 17 per cent in the domestic passenger vehicles segment completes 25 years of operations in India. The company feels that electric mobility must be the focus for growth in future.
The company plans to invest Rs 1,000 crore for an ‘affordable’ locally-made electric car. It is also finalizing localization plans for electrics and may explore a partnership with fellow group company Kia.
“We should offer solutions that are affordable and reasonable. We are working on various studies in this aspect as we feel that electrification will be the main pillar of our operations in the future,” said MD S S Kim.
Though the company has not revealed the body style of the planned electric vehicle, experts believe that it would be a mini SUV in line with the current trends in the market.
Earlier in January, South Korean media reported that Hyundai Motor is set to join forces with US-based technology behemoth Apple Inc to develop and produce autonomous electric cars in America.