Hyundai plans ₹1,400-cr affordable EVs and R&D hub

South Korean auto making major Hyundai has decided to invest ₹1,400 crore ($200 million) to develop affordable electric vehicles manufacturing hub; from where the vehicles would at a later stage be exported to emerging markets. India managing director SS Kim said that the company would develop a dedicated electric vehicle architecture for local and offshore customers. Hyundai Motor India, along with engineers from the Namyang R&D Centre (South Korea), have already begun to assess the requirements of private buyers to determine the optimum range and price points for such products. Hyundai is also evaluating the prospect of setting up a lithium-ion battery manufacturing unit and in the next three years the company will probably set up a localized ecosystem for the local customers.