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(MENAFN – Khaleej Times) Korean automaker Hyundai Motor is developing an electric vehicle for the mbad market and will launch it in two years, said a senior official of the company.
"Hyundai Motor is becoming a provider of mobility solutions to a car manufacturer," S.S. Kim, chief executive and CEO of Hyundai Motor India Ltd, told reporters in Chennai on Wednesday (July 24th).
"The group is developing an electric vehicle platform for the mbad market in India, and we are developing cars for everyone, not just Ola, where Hyundai has invested $ 300 million," said Kim. .
Asked about the leverage that Hyundai Motor has on its investment, such as Ola, asking its engine partners to choose Hyundai Motor models, Mr. Kim said it was "tough". an important investment for the group.
In March, Hyundia Motor and its subsidiary Kia Motors announced an investment of 2,068 crores of rupees ($ 300 million) to Ola.
According to the agreement, the three companies will collaborate in the construction of infrastructure and electric vehicles specific to India and the development of unique solutions in terms of fleet and mobility, had then announced Hyundai Motor .
The partnership will provide Ola drivers with various financial services, including rents and down payments, while vehicle maintenance and repair services are expected to improve customer satisfaction, Hyundai Motor said.
Hyundai, Kia and Ola have also agreed to coordinate their efforts to develop cars and specifications that meet the needs of the helicopter market.
According to Kim, the cost of the vehicle is a determining factor for the mbad market, which requires a high level of component location.
Refusing to comment on the price range of the proposed electric vehicle for the mbad market, Kim said domestic suppliers are unprepared for the segment because volumes are low.
Speaking about the company's KONA SUV, he said the vehicle was for the niche market.
Regarding the company's plans for hybrid vehicles, Kim said that Hyundai Motor had the technology but that the Indian government did not support hybrid models, so there was no incentive for the company.
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