Hyundai to manufacture EVs especially for ride-hailing firms from 2021

A month after its investments in major cab aggregator Ola and self-drive car-sharing platform Revv, Hyundai Motor Group is planning to launch a new range of electric vehicles by 2021.

The carmaker will develop the vehicles under the Smart EV platform.

Hyundai will design and develop these vehicles especially for ride-hailing firms, said a Mint report quoting sources close to the development.

Hyundai can supply the vehicles under the brand names of both Hyundai and Kia, added the report. Though, the final production plan and dateline are still unknown.

In March, the automobile major has invested $300 million in Ola. As part of the collaboration, Ola will develop fleet and mobility solutions, electric vehicles and infrastructure specific to the Indian market with the help of investors.

For Ola, which is looking to induct electric cars as part of its strategy to convert 20% of its fleet to electric, Hyundai EV test will help it induct quality but low-cost electric vehicles added sources.

Ola has also been reportedly in talks with other automakers to buy custom-made electric vehicles.

Meanwhile, in the same month, Hyundai had entered shared mobility space in partnership with Revv and launched a subscription programme called ‘Hyundai Subscription’. Last year, the South Korean automobile manufacturer had led $14.3 million round in Revv.

Hyundai has also been investing over $1 billion in Sriperumbudur facility near Chennai to manufacture electric cars.

To boost EV adoption, the govt has earmarked Rs 10,000 crore for promoting till 2021 in the second phase of the FAME scheme.