Hyundai Motor India recently launched the 5th generation Verna in India with a starting price of Rs. 7.99 lakh. Along the side-lines of the launch of the new Verna, we had a chat with Rakesh Srivastava, Director, Sales and Marketing, Hyundai Motor India, who told us that the company will not be bringing in hybrid models for a compact sedan and a compact SUV as was earlier planned. A few months ago, Hyundai had said that it will be showcasing the IONIQ in India at the 2018 Auto Expo and was planning to launch it later in the year as well. But it would seem that Hyundai has dropped the plan altogether and is now putting its entire focus on bringing in electric vehicles to India.
Also Read: New-Gen Hyundai Verna Launched In India; Prices And Details Here
"We had initiated the project to bring the hybrid technology in a compact sedan of ours and also a compact SUV. But suddenly, midway we had to let it go. Now the entire thought process is to bring in electric vehicle technology."
"We have the technology worldwide, but we need to condition it, to make it suitable for the Indian, identify the product that will support the technology. So that's a challenge that we are facing. But then yes! We are going to participate in the electric vehicle technology."
(Hyundai recently launched the 5th generation Verna in India at a starting price of Rs. 7.99 lakh)One of the main reasons for Hyundai's re-think of getting hybrids and mild-hybrids to India is the government's attitude towards the EV and hybrid range of cars. The FAME subsidy ((Faster Adoption and Manufacturing of (Hybrid) Electric Vehicles)) was withdrawn by the government from 1 April, 2017.
(Hyundai had earlier planned to launch the hybrid IONIQ in India, but it will no longer to do)Apart from that, the GST (Goods and Services Tax) rates for hybrid vehicles are 43 per cent, which was earlier at 30.3 per cent. This makes hybrid vehicles rather expensive to purchase and with no benefits being passed down to the customer, bringing in hybrid vehicles could have been challenging move for Hyundai. With India's vision of having an all-electric fleet by 2030, Hyundai feels that it will be a better idea to focus on getting full electric vehicles to the country.
