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The Korean giant, which partly owns Kia Motors, unveiled 'Strategy 2025' on December 4, outlining the roadmap to transition into smart mobility solution provider. The second largest carmaker in India will go electric for most of its new models by 2035 in India.
“In the short term, there will be lots of hurdles like charging station, customer’s hesitance and taxation. If technology improves in future, there will be reduced cost of the battery and it will help us offer reasonable solutions. In our electrification strategy, India plays an important part,” Kim added.
This is the first major development by Hyundai after it made its Indian subsidiary a regional headquarter. The company has only two other such headquarters in the US and Europe. Product planning, sales, marketing, finance and customer approach is defined by the regional headquarters independent of the mother company in Seoul, Korea.
“Hyundai will address vehicle electrification by first targeting younger demographics and enterprise customers with affordable battery electric vehicles (BEVs) to achieve economies of scale. The company plans to achieve balanced and steady growth with a portfolio that takes into account various regional and product needs,” a statement from Hyundai stated.