Hyundai evaluating electric commercial vehicles for India
As Hyundai doubles down on India’s EV market with locally manufactured models, the company is exploring to expand presence beyond passenger cars into commercial vehicles. According to a new report from Autocar Professional, the South Korean automaker is discussing a joint venture with TVS Motor to outsource an electric three-wheeler.
Hyundai will indigenously design and engineer its electric three-wheeler and could share its micro-mobility platform with TVS Motor. The report says it may collaborate with TVS Motor for a quadricycle as well. The company plans to display design studies of its last-mile mobility vehicles at the Bharat Mobility Global Expo this month.
The report does not specify when Hyundai plans to launch its electric last-mile mobility vehicles in India. TVS Motor already plans to introduce an electric three-wheeler independently this year.
After releasing its electric last-mile mobility vehicles in India, Hyundai may introduce a ride-pooling platform. Hyundai Motor Group is already experimenting with a similar AI-based service called ‘Shucle’ in Eunpyeong New Town and Sejong in South Korea.
At present, Mahindra & Mahindra leads the last-mile mobility segment with a market share of more than 40%, while Bajaj Auto is aggressively increasing its presence. In November, Mahindra Last Mile Mobility, a subsidiary of Mahindra & Mahindra, reached the 200,000 EV sales milestone. Ola Electric, India’s no.1 EV maker, also sees significant potential in electric three-wheelers. The company plans to enter this segment later this year.
In October last year, Hyundai went public in India and raised 27,870.16 crore Indian rupees (approximately 3.16 billion euros). The company is well-equipped to venture into new segments in the country and benefits from a solid reputation backed by over 25 years of history.
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