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The Hyundai Ioniq 5 electric vehicle and Nexo hydrogen fuel-cell vehicle were recently displayed in India. Hyundai India celebrated its 25th year of operations in India and inaugurated its new corporate headquarters in Gurugram. As part of the occasion, the Korean car manufacturer displayed its latest green vehicles.
Apart from displaying the Ioniq 5 and Nexo, Hyundai's officials also addressed a few pressing questions. The presence of the Ioniq 5 EV certainly made everyone curious and officials from the Korean manufacturer were quick to address this curiosity. According to Hyundai, they were still studying the feasibility of bringing new EVs into India.
Reflecting on this, SS Kim, MD and CEO of Hyundai Motor India Limited said, "The EV movement is strong in the two and three-wheeled segments but will be more gradual in the four-wheeler segment. We are studying the feasibility and much would depend on customer preference,"
He also added that "We have heard that Tesla is seeking some duty cut on imports of CBUs. So that would be very helpful for the OEMs to reach some economy of scale in this very price competitive segment."
SS Kim took this opportunity to add that the government's support is crucial in making electric cars more popular in the country. "We need demand from the market. Support from the government is vital with more subsidies for even the private customer," added Mr Kim.
At present, the EV market in India is booming in the three-wheeler and two-wheeler segments, thanks to last-mile delivery business units. Lots of private buyers are also switching to EVs for their two-wheeler needs.
However, due to high import duties and lack of infrastructure, the EV business in the four-wheeler segment is still lacking similar growth. In some parts of the world, the Hyundai Ioniq 5 EV competes with the Tesla Model 3. It features a 72.6kWh battery pack and boasts a claimed range of 480 kms on a single charge.
Thoughts On Hyundai Ioniq 5 Electric Vehicle Being Displayed India
At present, the EVs from premium manufacturers cost upward of Rs 1 crore and the more affordable EVs like Tata Nexon EV, MG ZS EV and Hyundai's own Kona Electric cost significantly more than their conventional counterparts. It is only natural for manufacturers to want lower duties in India. We're not so sure if the government feels the same way.