On Tuesday, South Korean automaker Hyundai Motor Group announced plans to expand Hyundai and Kia’s electric vehicle portfolio in India. As part of this expansion strategy, the company aims to market five new EV models by 2032.
Notably, the announcement came from Executive Chair Euisun Chung himself as he took his two-day trip to India from Monday to Tuesday. He visited Hyundai Motor India Engineering (HMIE) in Hyderabad and automotive factories in Chennai to deliver the automaker’s long-term business plan to local workers.
As of now, Hyundai Motor Group’s offerings for Indian customers are only the Kona and Ioniq 5 e-SUVs. Apart from the planned EVs, the automaker also aims to increase its charging network to 439 stations by 2027.
Plan highlights
The Group stated that Hyundai’s brand Kia will begin the production of compact EV models in 2025. It will also build new charging stations and increase its sales network by twofold.
All these efforts are part of the company’s strategy to raise its local market share to 10% from the current 6.7%.
On the other hand, Hyundai will allocate $2.45 billion to ramp up its EV production in India. The brand is highly optimistic about the Indian customers’ wide acceptance of battery-powered vehicles. It even noted that the world’s third-largest automotive market is advancing as a key market for EVs.
“The country is becoming an increasingly important center for electric vehicle production and sales.”
Hyundai
See Also:
- Hyundai India set record sales figures in 2022
- Boston Dynamics launches Spot robot dog while Hyundai debuts Ioniq 5 EV at Auto Expo 2023 in India
- Hyundai IONIQ 5 to arrive in India, while reservations begin on December 20
- NHTSA launches safety probe into 2022 Hyundai Ioniq 5 over power loss isssues
- Hyundai Motor Group announces $18 billion investment in South Korean EV industry by 2030
The Indian Government expects the industry to sell 1 million electric vehicles by the decade’s end. As government data indicated, it represents a substantial boost from just 48,105 units sold in fiscal year 2023.
Considering Tesla’s potential entry into the country, it would be interesting to see India achieve that target. The presence of the world’s most valuable automaker will undoubtedly revolutionize the automotive industry with its innovative EVs.
