Hyundai Motors planning to source electric vehicle components in India

The automaker is also looking for further clarity in the government’s policy to drive hybrid models in India.

South Korean auto giant, Hyundai Motors is reportedly seeking options for sourcing its electric vehicle (EV) components in India, which includes manufacturing of battery parts. Commenting on the move, the automaker said that it is also looking for further clarity in government policy to drive hybrid models in the country.

According to Moneycontrol, S S Kim, Managing Director & CEO, Hyundai Motor India Ltd (HMIL), said that the company is studying various options for HMIL in India as well as for its Hyundai Motor Co. (HMC) procurement division. He said that the firm’s parent HMC is even getting in touch with suppliers in India for EV battery components.

Kim claims that several countries where EVs are sold to private customers are supported by the government in terms of subsidies, and if OEMs need to push EV mobility in India, the government’s support will certainly be essential.

As per reports, the Indian government, under the FAME-II scheme with a sum of Rs 10,000 crore, is mainly focusing on electrification of public transport. Meanwhile, Suzuki Motor Corp. along with its partners are currently in the process of establishing an automotive Li-ion battery manufacturing facility at Hansalpur in Gujarat. Furthermore, Tata Motors & Mahindra are also pursuing EV segment in the country.

Citing the launch of hybrid vehicles in India, Kim said the company will take suitable decisions after gaining further policy clarity from the government on the segment. Meanwhile, the installed capacity at the Chennai plant will be sufficient to withstand the current demands. Kim claims that the company has also added an additional capacity of 50,000 units, taking the total installed capacity at the plant to 7.5 lakh units per annum.

For the record, Hyundai plans to launch its first EV in a CKD (complete knock-down) form in India in 2019, which would be assembled at the firm’s Chennai-based manufacturing plant.

Source Credit: https://www.thehindubusinessline.com/companies/hyundai-mulls-options-for-sourcing-ev-components-in-india/article26903815.ece