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Hyundai Motor India Limited (HMIL) launched the Kona Electric, in July 2019. The electric vehicle caught the attention of the people instantly and the sales numbers of the Kona are going to increase in the near future. The Kona compact crossover carries a price tag of Rs 23.7 lakh ex-showroom in India.
According to a report by Autocar India, Hyundai has been working on another 'mass-market' vehicle for our market. Seon Seob Kim, the MD and CEO of Hyundai Motor India, said, "We are in the process of developing a mass-market EV, which will be an affordable product for the Indian customer." However, the company had also revealed its plans for an affordable EV last year.
However, Hyundai has confirmed that the new EV will be a ground-up SUV. We expect the company to bring the product out into the market by 2022. Hyundai is also undergoing various discussions and negotiations with potential supplier partners in the 'new ecosystem.' Commenting on the possible pricing, Kim said, "It is too early to determine the price range, but when it comes to mass-market, our focus is on real-world driving range. It will be above 200km and anywhere between 200 and 300km."
The other recent auto news, the Insurance Regulatory and Development Authority Of India (IRDAI) had made it mandatory for all general insurers to offer only three-year third-party motor insurance policies for new cars from September 2018. However, the authority has now decided to withdraw the three-year third-party motor insurance policy order since August 1, 2020.
One of the major drawbacks of the third-party motor insurance policy included difficulty for insurers to evaluate the premium for long term 'Own Damage' cover, there were also high possibilities of forced selling from insurers due to the interlinked financial interests and also facing trouble evaluating the no claim bonus over a three-year policy.
Thoughts About The Upcoming Electric Compact SUV By Hyundai
Since our natural resources (petrol and diesel) are getting scarce, manufacturers are trying to focus more on electric vehicles, as EVs are said to be the future of mobility. However, Once Hyundai launches the compact SUV, it will go up against the likes of the Tata Nexon EV and the MG ZS EV.