According to Tarun Garg, COO of Hyundai Motor India, the EV Indian passenger car market is likely to pick up significantly between 2025 and 2026.
According to Tarun Garg, Chief Operating Officer of Hyundai Motor India, the electrification of the Indian passenger car market is expected to accelerate significantly between 2025 and 2026. As the firm prepares to debut the electric version of its popular SUV, Creta and aims to release four electric cars (EVs) in the future, it is also looking into prospects in other market sectors, including those below the mid-sized SUV category.
Garg underlined that India is still in the early phases of vehicle electrification, with only 2.4% electrification achieved last year. He expressed confidence that 2025 and 2026 will be breakthrough moments for EV adoption, with the Creta EV playing a key role in driving this change.
In 2024, the Indian passenger vehicle industry had record sales of approximately 4.3 million units. According to an internal analysis and insights from external consultants, Garg predicts that EV penetration will reach 17% by 2030. He expected a considerable increase in EV volumes by 2026, maybe double present levels, however, the trend could become apparent by the end of 2025.
Garg ascribed optimism to the introduction of competitive products by established Original Equipment Manufacturers (OEMs) during this period. In addition to Hyundai’s Creta EV, Maruti Suzuki India intends to unveil an electric SUV, the e VITARA, during the Bharat Mobility Global Auto Show in January 2025.
Garg stressed that EV owners want dependability, a strong brand presence, and answers to range anxiety. The Creta EV intends to meet these objectives by offering two models with ranges of 390 km and 473 km, respectively. He also praised Creta’s internal combustion engine (ICE) version, which has sold 1.1 million units so far.
When asked about extending to segments below Creta, Garg declined to name models but did acknowledge the company’s intention to explore numerous segments, including both “Creta minus” and “Creta plus” categories. Hyundai is currently active in the premium EV category, with its IONIQ 5 starting at Rs 460.05 million. The Creta EV is expected to cater to the Rs 1.5-2.5 million market, a key contributor to passenger vehicle sales in India.
The corporation is also testing dedicated and derived EV cars, to establish a strong presence in the EV market that is equivalent to its ICE products. According to Garg, Hyundai has built a charging management system app that connects Hyundai and non-Hyundai consumers to 10,000 charging stations across the country. 7,500 of these accept app payments. Hyundai is also introducing in-car payment alternatives through the AVNT system, with contracts now in place at 1,150 charging stations.
To address customer concerns regarding long-distance EV travel, Hyundai has erected 80 fast chargers at 30 places along significant routes including Delhi-Chandigarh, Delhi-Jaipur, Mumbai-Pune, and Hyderabad-Vijayawada.
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