Hyundai’s first mass market EV for India is expected to launch by the end of 2024.
Hyundai Motor Group plans to produce mass-market EVs in India to significantly increase sales of volume EVs in the country, with both brands under the group – Hyundai and Kia – set to have more volume products.
Hyundai plans to have five EVs by 2032. Kia will also produce small EVs optimized for the local market starting from 2025, and will then gradually offer more EVs across various price points. The company will also develop EV charging infrastructure.
The vision was shared by the company on the sidelines of its Executive Chairman Euisun Chung’s visit to Hyundai Motor India R&D center and facilities to review Indian market’s growth potential and future business strategy including electrification. The South Korean car maker expects Indian market to sell 5 million passenger cars by 2030 and 48 percent of that will be SUVs and 30 percent will be EVs.
Chung’s visit to India included a review of the strategic importance of India as a future mobility hub.
With this in mind, preparations for a new leadership position in EVs were also discussed given the country that will be a competitive EV battleground in the years to come, said the company in a statement.
The Group will be accelerating the development of strategic models for the local market and future mobility research capability. On production and sales, the group is preparing for a market leadership through strengthening SUV offering and expanding EV line-up, added the note from the company.
“The country is also becoming an increasingly important centre for electric vehicle (EV) production and sales. The Indian government is pursuing a strong electrification policy, with the aim of increasing EV sales to 30 percent of total vehicle sales by 2030,” added the statement from the company.
Hyundai also stressed its R&D arm plays an important role in increasing sales in the Indian market and works closely with the Hyundai-Kia Namyang R&D center in Korea to develop vehicles that are tailored for the Indian market.
In addition to strengthening local R&D capabilities, the Group will expand its role as a hub for future mobility research, including electrification, autonomous driving, and the development of voice recognition technology in local Indian languages. To this end, construction of a new test facility began last year.
“By systematically analyzing the Indian market and its customers, Hyundai Motor aims to grow quantitatively by strengthening its leadership in SUVs and expanding its EV line-up and to establish itself as the most trusted brand in India through customer-centric activities and social contributions,” elaborated the statement.
Also See:
Mahindra on track to launch 5 EVs by October 2026
Tata Group likely to procure battery from global supplier Envision AESC