Hyundai Motors will be making affordable electric cars, especially for the Indian market. These cars will be supplied to the local app-based ride-hailing company Ola by 2022-23.
These vehicles, built to keep the manufacturing cost low, could be priced below Rs. 10 Lakh and the company may even look to build batteries locally.
Ola currently operates three and four-wheeled EVs built by Kinetic and Mahindra in Nagpur and aims to have one million such vehicles across segments by 2021.
Earlier this year, Hyundai along with its sister company Kia Motors made a combined investment of $300 million in OLA.