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EV import scheme can affect Hyundai’s business
Industry News- Jun 26,24
This policy will enable foreign OEMs to set up manufacturing bases in India, and also enter the domestic sales market, which will also intensify competition in the industry.
Hyundai Motor India has expressed concerns that the Indian government's new electric vehicle (EV) import scheme could negatively impact their sales. This scheme, aimed at promoting domestic EV manufacturing, offers significantly reduced import duties for EVs.
The policy change allows foreign automakers to import EVs with a cost, insurance, and freight value of $35,000 or more at a 15% duty rate, down from 100%. This could introduce new competitors into the Indian market, potentially affecting Hyundai's market share and profitability.
Hyundai acknowledges the potential for growth in the Indian EV market but emphasizes the challenges that still exist. They highlight the underdeveloped domestic supply chain for critical EV parts like motors and batteries, forcing them to rely on imports. Additionally, the lack of widespread public charging infrastructure remains a significant hurdle for mass EV adoption.
Despite these concerns, Hyundai remains committed to electric mobility. They plan to launch four new EV models, including the Creta EV, by the end of the current fiscal year. Their strategy involves initially focusing on premium EVs and gradually transitioning towards more affordable options as the market matures.
The new import policy introduces a fresh layer of competition for Hyundai. However, the company appears to be adapting its strategy to navigate this changing landscape. Their focus on introducing new EV models suggests confidence in the long-term potential of the Indian EV market.
(Source: Fortune India)
Hyundai Motor India
EV
electric vehicle
Indian import policy
domestic EV manufacturing
Indian EV market
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