Hyundai To Develop A Dedicated Platform For Electric Vehicles

In a bid to catch up with Tesla and other competitors in the multiple and long-range car models, Hyundai is now slated to develop its dedicated platform for electric vehicles. The South Korean car player's latest push comes after its attempt to infiltrate the ever growing battery electric-car segment in the auto industry.

Reuters reported via the car maker's executive that Hyundai Motor and its affiliate Kia Motors Corp are planning to roll out small electric sport utility vehicles that will be based on an existing underpinning for next year. Accordingly, the separate platform should represent the company's aim to get into the battery electric-car segment in the auto business. This platform should allow the automaker to install a battery pack in vehicle floors to enable more battery capacity while maximizing the cabin space.

Hyundai has long been championing its rival's fuel-cell vehicles which reflect a significant pressure from its investors so it could compete with Tesla. As per Hyundai-Kia green car operations head Lee Ki-sang, "The electric-vehicle platform will require high up-front investments but we are doing this to prepare for the future." However, Lee did not reveal the cost of the said venture.

Meanwhile, Lee has shared that the separate Hyundai platform may undergo a loss initially for the company. However, he stressed that if the company doesn't go with this venture, they may be left behind by the competition. In this regard, Lee has revealed that the firm is planning to launch an electric SUV along with a sibling vehicle by Kia Motors in 2018, as per Fortune.

Hyundai's subcompact or compact models will have a range of more than 300 hundred kilometers per charge. Lee believed that these variants are going to be "more competitive" than the offering of its rivals. On the other hand, Hyundai and Kia are also planning to introduce electric versions of its China-exclusive sedans and SUVs in its attempt to meet Chinese electric car quotas. The firms are likewise readying electrified variants under local brands under Chinese joint venture partners.