Hyundai is preparing to deploy three mass-market EV over the next three years.
Hyundai has confirmed its focus on mass-market electric vehicles, with plans to deliver four EVs over the next three years, beginning with the highly anticipated Creta EV. According to Hyundai Motor India’s COO, Tarun Garg, the Creta EV will make its debut in the coming quarter. Furthermore, the company is dedicated to speeding up the localization of components for both electric and internal combustion engine vehicles.
Hyundai India: Expansion Plans
Hyundai has ambitious expansion goals, and Garg underlined two key elements to make them a reality. Hyundai’s two present plants in Tamil Nadu can produce 824,000 units per year, which will rise to 1.1 million by 2028 once the company acquires the Talegaon factory in Maharashtra. An increase in quantity will result in a higher market share and profit.
A hub that serves over 80 countries
This brings us to the second issue, where Hyundai is focusing on exports because India is a manufacturing powerhouse serving over 80 countries. With around 20% of the volume exported, capacity expansion will provide a much-needed boost to South Korean manufacturers.
“Hyundai exports to more than 80 countries (Middle East, Asia, Africa, Latin and Central America),” Garg continued. Hyundai plans to invest Rs 32,000 crore over the next eight years to establish a localised EV development hub, including the production of made-in-India battery packs. This effort intends to make EVs more affordable and readily available to mass-market buyers.
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