3 min read
After the successful venture by Tesla, the global industry is being renovated, and more and more vehicle manufacturing companies are showing interest in the electric car space e.g., Volkswagen, BMW, Hyundai, etc. Now it is evident that electric vehicles are going to be the means of transport in the future. And the companies which don’t follow this regime change are going got suffer.
Considering the current situation Hyundai has decided to be one of the earlier movers in the industry and start to make their electric cars more innovative. They are about to launch their new electric car, which will replace the previous version Hyundai i10.
Hyundai already had launched many semi-electric cars, like Hyundai Kona EV, but this new lot of electric cars will be a game changer as it is a fully electric car with an attractive design. Hyundai seems to be proud of the new design of their new models which are yet to be released.
Furthermore, Hyundai has worked hard for developing budget-friendly electric cars, this new car is expected to be around $20,000 which will definitely be a cause of concern for Hyundai’s rivals. None of the other companies that make electric cars have not been able to produce that cheap car.
Hyundai has strong plans of launching these cars in Pakistan as well and that will make it the first company to launch its first completely electric vehicles in the country. But they would have to face a number of problems in the process.
First of all, the affordability will be a big problem, as the per capita of Pakistan is much less than that of western countries. Pakistani consumers can’t afford the same price, but Hyundai can’t cut any money if they want to make any business out of it. On top of that, the assembling units have to be installed in Pakistan and that will also take some investment.
The second problem can be recharging the cars for domestic users. Hyundai can’t install recharging units across the country because the profit margins from Pakistani markets are not huge, because not many people are interested in buying electric cars right now. That lefts the option of individual plugin chargers, which take too much time, and electricity costs a lot to fully charge the car. Despite these issues, Hyundai is passionate to launch cars in Pakistan, which suggests that they must have come up with a solution.
Globally, Hyundai is ready to go toe to toe with all its competitors, they are planning on launching 11 more electric vehicles soon after this one. And with those models, they are planning to manufacture more than 1.5 million electric vehicles and sell them by 2030.
Hyundai has to face major challenges if they are to make big in the scene of electric car development. Their biggest rivals are Ford, Tesla, General Motors, etc. which are making a lot more electric cars than Hyundai. But the future holds a lot of room for many more companies as the demand for electric vehicles is going to increase every year.
