India: Korean carmaker Hyundai will begin manufacturing the Kona electric SUV at its Chennai factory by the second half of this year with an investment of INR 7,000 crore in its Chennai facility. “The car can go up to 350 km per charge with the charging time of 60 minutes. The manufacturing will be more focused towards domestic users but at a later point, we will look at exports”- said, BC Dutta, Vice-president of corporate affairs at Hyundai Motor India.
He added the remaining investment will be for the manufacturing of other car models, technology updates and machinery. The investment is expected to increase production capacity to 8 lakh units from 7 lakh units. The electric vehicle ecosystem in India is expected to gather pace with other carmakers such as M&M, Tata Motors, Nissan and Audi.
According to BlueWeave Consulting, India Electric Vehicle Market is projected to grow at a significant growth rate for the forecast period. Due to the rising number of government initiatives such as incentive schemes to encourage adoption of environment-friendly electric vehicles, growing consumer inclination towards electric vehicles, concerns over harmful effects of air pollution, along with the huge investments by various OEMs for developing more affordable and premium electric vehicles in the coming years. In order to promote the sale of electric vehicles in the Indian market, the government launched FAME scheme (Faster Adoption and Manufacturing of Hybrid and Electric vehicles) in India, as a part of the National Electric Mobility Mission Plan 2020, under which, the government would provide certain incentives to lower the purchasing cost of electric vehicles. Increasing incorporation of telematics & communication capabilities in electrical commercial vehicles is anticipated to boost market growth.
According to BlueWeave Consulting recent published report, Titled- “Global Electric Commercial Vehicles Market by Propulsion type (BEV, HEV, PHEV, FCEV), by Vehicle type (Bus, Truck, Van, Others), by Component (Motor, Battery, Others) – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014-2024”- Global Electric Commercial Vehicles market is expected to grow at a CAGR over 13.0% during the forecast period in terms of value. The key drivers for growth of market are government initiatives to promote green transportation across the globe and major global concern is environmental issues all over world. With hybrid and electric commercial modification of all traditional existing vehicles will also play key role in growth of electric and hybrid markets in forecast period.
According to BlueWeave Consulting upcoming reports ,Titled-“ India Electric Commercial Vehicles Market by Propulsion type (BEV, HEV, PHEV, FCEV), by Vehicle type (Bus, Truck, Van, Others), by Component (Motor, Battery, Others) – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2024”- The major factors for growth of hybrid and electrical vehicles in India are government initiation in the direction of electrification of vehicles for e.g. tax exemption, zero import duty, public awareness by government towards electric vehicles, Initiation of top most automaker in India and utilizing their technology etc. The mentioned key will play major role in growth of hybrid and electric vehicles in India in forecast period.