South Korean auto major Hyundai is looking at various options for sourcing electric vehicle (EV) components in India, including local manufacturing of battery parts, a top company official said.
The automaker, which is present in India through its wholly-owned subsidiary (HMIL), said it is also looking for further clarity in government policy to drive in hybrid models in the country.
ALSO READ: Indian Motorcycle to launch two new FTR 1200 models
“We are studying various options, not only us (HMIL) in India, but even Hyundai Motor Company (HMC) procurement division is looking at it,” HMIL MD and CEO S S Kim told PTI when asked if the company plans to locally manufacture batteries for EVs.
The company’s parent HMC is even contacting suppliers in India for battery components, he added.
Tata Motors and Mahindra are also actively pursuing EV segment in the country. Kim said government support is critical to support growth of EVs in the personal mobility space.
“In many countries where the EVs are sold to private customers, they are supported by the government in terms of subsidies … if OEMs need to push EV mobility, government push is critical, so we are expecting some more support,” he said.
On establishing a new factory, Kim said the installed capacity at the company’s Chennai plant is currently enough to take care of the demand. The company has added an additional capacity of 50,000 units, taking the total installed capacity at the plant to 7.5 lakh units per annum, he added.
Click here for Latest News updates and viral videos on our AI-powered smart news genie