Hyundai Motor India's Ambitious Plans for Electric Vehicles in India
Key Ideas
- Hyundai Motor India aims to launch both mass and premium electric vehicle models with a localized supply chain in India.
- The company plans to introduce four EVs, starting with the Creator EV in Q4 FY25, and is investing in developing the EV ecosystem and charging infrastructure.
- Hyundai's parent company, Hyundai Motor Group, is leveraging its presence in India to offer various technologies, including hydrogen, indicating a strong commitment to the market.
- The auto major intends to invest ₹32,000 crore in future initiatives, with significant allocations for EV development and upgrades in its Chennai and Pune plants by 2032.
Hyundai Motor India is set to make significant strides in the electric vehicle market in India as it prepares to launch a range of EV models in both mass and premium segments. Chief Operating Officer Tarun Garg revealed the company's plans to introduce four EVs, starting with the Creator EV scheduled for release in Q4 FY25. Hyundai is focusing on localizing the EV supply chain, including battery packs, drivetrain, power electronics, and investing in charging infrastructure to support the growing EV ecosystem. Moreover, Hyundai Motor Group's established presence in India enables the company to provide advanced technologies such as battery electric vehicles, plug-in hybrids, strong hybrids, CNG control, diesel, and even hydrogen solutions. To drive these ambitious plans, Hyundai Motor India is committing a substantial investment of ₹32,000 crore over the next decade, with a significant portion allocated for EV initiatives. This financial commitment includes ₹26,000 crore for the Chennai plant and ₹6,000 crore for the Pune plant by 2032, reflecting the company's long-term vision for sustainable mobility in India.