Hyundai Motor India plans to launch full-electric vehicle (EV) models in both the mainstream and luxury sectors.
Hyundai Motor India plans to introduce the full electric vehicle (EV) models in both the mass and luxury categories, with a localized supply chain, according to Chief Operating Officer (COO) Tarun Garg. The company has already revealed the launch of four EVs in India, beginning with the Creator EV in the fourth quarter of fiscal year 2024-25 (Q4 FY25).
Battery Packs and Charging
“In addition, the firm is extending the EV ecosystem by localising battery packs and investing in drivetrain and power electronics. “We are considering to invest in the charging infrastructure,” Garg says. He noted that Hyundai’s parent company, Hyundai Motor Group (HMG), is well-established in India and provides a wide range of technologies such as electric vehicles, hybrids, CNG, diesel, and hydrogen.
₹32,000 Crore EV Investment by 2032
Over the next decade, the manufacturer intends to invest over ₹32,000 crores in future endeavours, including EVs. The corporation intends to invest ₹26,000 crore in its Chennai facility and ₹6,000 crore in its Pune unit by 2032.
He was responding to a query on whether the company would export its EVs, which are slated to be released in India in the future. “The infrastructure will influence EV exports. It will depend on the level of demand. But, in the future, we’ll see what opportunities arise”.The four EVs, including the Creta EV, will be manufactured in India and sold in both the “mass and mass premium segments,” he stated.
Hyundai Targets Emerging Markets for Exports
These items are largely for the Indian market; the aim has always been to make products fundamental to the Indian markets to obtain economies of scale,” he said, adding that, as in the past, the company will seek to enter emerging markets with similar consumer preferences to India. “Typically, all of the products we make in India are ideally suited to emerging markets including Africa, the Middle East, Latin America, Central America, and Asia. So it seems like a wonderful fit for us (to consider exporting EVs from India),” Garg said.
Creta EV to Enter Volume Segment
He also added that the Creta EV would be the right entry point into the volume category.
He explained that HMIL is not only producing EVs but also a full ecosystem. “We plan to localize everything, starting with battery packs. Garg also mentioned that they plan to manufacture the LFP cells and drivetrain power electronics in the future. These localizations, he added. “will help us price the EVs competitively and sell them at attractive prices for customers.
Currently, HMIL is selling the IONIQ5 electric SUV for around Rs 45 lakh.
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