South Korea's Hyundai Motor Co said on Wednesday it planned to invest 40 billion rupees ($530 million) to launch six electric vehicles in India by 2028, making a clean driving push in a country with some of the world's most polluted cities.
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Hyundai, India's second largest carmaker, will launch affordable and premium electric models including sport utility vehicles (SUVs) and sedans, starting with its first electric vehicle (EV) in 2022, said Tarun Garg, director sales and marketing for Hyundai Motor India.
"We want to be a key contributor to the EV story in India," Garg told Reuters.
The investment will be sunk into research and development to launch the six vehicles, Hyundai's Indian arm said in a release.
Stricter emission regulations by governments are propelling automakers globally to invest in EVs, sales of which are expected to increase to about a quarter of total global vehicle sales by 2030 from about 2% today.
In India, EVs account for less than 1% of total car sales, but the government is aiming for a share of 30% by 2030.
